Level One Bank Mortgage Products

Conventional Loans

A fixed rate mortgage is a loan in which your interest rate remains the same throughout the life of the loan, providing a predictable monthly payment. This differs from an adjustable rate mortgage where the interest rate may change over time.

Benefits
  • Monthly principal payment will not change
  • Allows for long-term financial planning
  • Choice of loan terms ranging from 10-30 year options

An adjustable rate mortgage (ARM) is loan in which your interest rate may change over time. The interest rate is periodically adjusted based on an identified index, meaning your monthly payment could increase or decrease. Often, ARM loans provide a lower initial rate compared to fixed rate mortgages.

Benefits
  • Typically allows a lower initial interest rate and payment
  • Flexibility for buyers who plan to move in the future or who anticipate their income increasing
  • Various term options:
    • 5/1 ARM
    • 7/1 ARM
    • 10/1 ARM

A jumbo loan is also known as a non-conforming loan because the loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.

Benefits
  • Loan amounts available up to $3 million
  • Fixed and adjustable rates available
  • Various term options:
    • 15,20 and 30 year fixed terms available
    • 3/1 LIBOR ARM
    • 5/1 LIBOR ARM
    • 7/1 LIBOR ARM
    • 10/1 LIBOR ARM

Portfolio

Construction Loan

When you are ready to contract with a licensed builder for the construction of a new home, a construction loan can help finance the building costs.

Benefits
  • Loan amounts up to $1,500,000
  • Financing available for new purchase, refinance, or renovation of an existing home
  • Finance up to 90% of the sale price or your home’s “to-be-completed” value
  • Build on your lot or purchase a lot in conjunction with your construction financing
  • Single, one-time closing
  • Interest only payments during the construction period
  • Local underwriting and servicing, local mortgage bankers, and quick turnaround times for your project
Renovation Loan

A renovation loan provides financing for home improvement and remodeling initiatives for an existing home.

Benefits
  • Update your home to reflect the latest design trends
  • Expand your home to accommodate new bedrooms, bathrooms, and more
  • Incorporate handicap accessibility or energy efficiency improvements
  • Remodel to potentially increase the value of your home

A physician loan is a mortgage solution designed to accommodate the unique financial needs of doctors, dentists, veterinarians and medical residents¹. Whether you have large amounts of deferred student loan debt², need to move into a home before starting your first job, or have been practicing medicine for many years, our physician loan program can help. We can provide flexible financing to doctors, dentists and veterinarians at any career stage.

Benefits
  • Financing available on 5/1 and 7/1 Adjustable Rate Mortgages (ARMs)
  • Purchase and rate-and-term refinance options available
  • Financing available for single family dwellings, detached or attached condos and Planned Unit Developments (PUDs)
  • Loan amounts available up to $1,000,000 with no mortgage insurance requirements
  • Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract
  • Gift funds allowed towards down payment, closing costs and reserves ³
  • Zero down payment opportunities available with certain eligibility requirements ⁴
Eligibility
  • ¹Available to medical doctors who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD) degree and an employment contract or verification of terms of employment acceptance. Medical Doctors with the degrees listed above but specializing in a particular field including but not limited to Dentists, Podiatrists and Ophthalmologists are also permitted. A Doctor of Veterinarian Medicine (DVM) is eligible.
  • ²Student loan debt must be in deferment or forbearance for 12 months after loan closing to avoid being counted in your debt-to-income calculations.
  • ³The donor must be an immediate family member or domestic partner who lives with the borrower.
  • ⁴Available on loan amounts up to $500,000. Must be purchase of a primary residence in Michigan and borrower must have a minimum credit score of 700 to be eligible. Zero down does not exclude closing costs and/or prepaids that may be required.

The Welcome Home Loan is a unique mortgage program created by Level One Bank to help provide affordable home ownership to local individuals and families whose income does not exceed certain limits and are purchasing or own a home in Oakland, Wayne or Macomb counties.

Benefits
  • 30-Year Fixed Rate
  • No monthly PMI (Private Monthly Insurance)
  • Low down-payment
  • No mortgage insurance requirements
  • No Up Front Mortgage Insurance Premiums (UFMIP)
  • Up to 96.5% Loan-to-Value (LTV)
Eligibility
  • Maximum loan amount of $175,000
  • Minimum credit score of 620
  • Income requirements as published by the Federal Financial Institutions Examination Council (FFIEC)
  • Must be a primary residence in Oakland, Wayne or Macomb Counties
  • Certain property types may not qualify

Government Loans

A FHA (Federal Housing Administration) loan is a government insured loan that offers lower down payment requirements to help first-time homebuyers and experienced homebuyers alike.

Benefits
  • Smaller down payment requirements – as low as 3.5%
  • Lower monthly mortgage insurance premiums
  • Refinance and renovation loans available
  • Fixed rate and ARMs available:
    • Various term options:
      • 30 year fixed
      • 15 year fixed
      • 5 year ARMs

VA loans are a special type of home mortgage reserved for active military members and veterans. VA loans are government insured by the U.S. Department of Veterans Affairs and are offered by participating approved lenders like Level One Bank.

Benefits
  • No money down or low down payment options available
  • No monthly PMI (Private Monthly Insurance)
  • Refinance up to 100% of your home’s value
  • VA Streamline Refinance mortgage program opportunities available
  • Fixed rate and ARM loans available:
    • 30 year fixed
    • 20 year fixed
    • 15 year fixed
    • 5 year ARMs

Investing In Local Communities

Level One Bank is passionate about investing in the communities we serve. Through a variety of affordable homeownership and grant opportunities, we are able to support local families who may need specialty programs to meet their home financing and restoration needs.

Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. A loan-to-value ratio above 80% may result in a need for mortgage insurance. Fees and charges may vary by product and state. A mortgage expert will review and provide you the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.