Loan Programs

Learn About PLB Lending's Loan Programs

Conventional Loan:

A conventional loan is any loan that meets the guidelines set forth by Fannie Mae and Freddie Mac and open to all qualified borrowers. These programs are generally for secure borrowers with a good credit history and low debt to income ratios. They currently have awesome programs that allow borrowers to put down as little as 3%, and with a good credit score even waive the PMI on the 5% down program. Please call for details.

FHA Loans:

An FHA loan is insured by the Federal Housing Administration and open to all qualified home purchasers. An FHA loan is a loan insured by the FHA and given out by lenders. FHA is best known for its 3.5% down payment and not being as strict as conventional in most ways.

FHA's 203K program allows homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in or after a refinance.

VA Loans:

This loan program is established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. This program allows for 0 down payment and has many other perks as well. Please call for details.

Rural Development:

This program is offered by the US Department of Agriculture, and it allows for up to 102% financing for qualified moderate-income families. This program is ideal for borrowers with little or no cash, since no down payment and no funds are needed for closing. Location restrictions do apply, so please call for details.

Reverse Mortgage:

Reverse Mortgages are a special type of home loan that lets a homeowner convert the equity in their home into cash. This can offer greater financial security to supplement social security, meet unexpected expenses, make home improvements, and much more. In addition, Seniors can use use Reverse Mortgages to purchase a new primary home without any income or credit qualification.

Jumbo Loans:

A loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Currently the limit is set at $484,350 in Michigan.

Fixed Rate Mortgage:

A common type of mortgage loan is the fixed rate mortgage. With this loan, your payments and interest do not change for the term of the loan. Fixed rate terms are typically 10,15,20,25 and 30 year terms.

Adjustable Rate Mortgage:

An Adjustable Rate Mortgage is a mortgage where the interest rate is adjusted periodically. The payment is not fixed and can change depending on the terms.

If you don't see what you're looking for, or to get the latest information, send us and email at or give us a call 586-992-1250. We are a full service mortgage brokerage.