A "Primary Residence" is defined as the home that you live in most of the year. It is normally located within a two-hour drive of your employment, if you are employed. Mackinac offers an almost unlimited menu of products for the purchase or refinance of a primary residence.

Programs

  • Conventional
  • Non-Conforming
  • FHA & VA
  • GRHD

Products

  • Fixed rate 10, 15, 20 & 30 years
  • Adjustable Rates f
  • Balloon loans of 5 & 7 years
  • Interest Only
  • 80-10-10
  • 80-15-5
  • 80-20
  • Bridge Loans
  • Buy-Downs
  • Financed PMI

Down Payments

  • Zero down payment up to 103% of lesser of appraisal or purchase price in certain circumstances.
  • With 20% or more down payment, you may not have private mortgage insurance.

Income Qualifications

  • Full documentation
  • "Light" documentation
  • "No documentation"

Product Types

  • Purchase money
  • Refinance for rate & term
  • Refinance for cash-out
  • Debt consolidations

 

All terms are subject to change at any time without notice.