Michigan mutual

[My1stgahome]

Good day,

I am new to the boards and a first time home buyer.  I have been a lurker on this board for a short while and everyone here is so helpful, knowledgeable and supportive.  I have a bk7 from 2005 and clean credit every since. My scores are in the mid 600s, mainly due to utilization, which I'm working on.

I have heard horrible things about BOA and wells Fargo and prefer not to go that route and go straight to a broker who has multiple lenders.

My questions are:

(1) has anyone had success with obtaining a mortgage through Michigan Mutual or First Guaranty Mortgage? 

(2) how long was the process from start to finish?

(3) can some pm the name of a broker in Ga who processes loans for Michigan mutual?

TIA

[smoovone]

I would like to know this information as well...I may be looking to use them as well. I also see they have adjusted their requirement for FHA loans concerning having "dispute comments" comments removed from the credit report. It appears as though they now only want a letter stating that Payment arrangements are being met, etc.

[Ron6262]

   I just used the for an FHA loan in August.  I have not complaints, they were a little slow, but nothing major.  If you go on their website it used to have a ticker telling how far behind they were on reviewing files.  I sat in UW for about 3 weeks.  I ended up in their sub 640 program, then right at the end my scores rebounded, but they would not let me out of the program.  I closed in the sub 640 program because my middle score was 638 when I applied.  I got a 3.75 rate for a 15 yr mortgage.  I had a BK in 2010, I was perfect after that and had a DTI of 9% so they didnt give me a whole lot of trouble with the pay stubs/bank statements etc.  There were some hoops for the under 640 prorgram, but they waived them at the end when my score went up.  They would not lower the rate though.

   Overall I would definantly recommend them for a loan. 

[Hammer23]

I did a USDA loan through them in July. I thought they did a very good job.

I applied in May for a new home purchase, was preapproved (in underwriting for about 2 weeks) found a house and my conditions cleared next day. Closing was a breeze and after the closing they sold my loan to Wells. I have no complaints with them either. The biggest headache I had was the delay at USDA.

Michighan Mutual was great to deal with, my underwriter was very quick and was easy to work with. I would recommend them.

I closed on my loan 7/19/2012 I applied with MMI on 5.21.2012 My loan sat for 3 weeks at USDA.

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@Ron6262 wrote:

   I just used the for an FHA loan in August.  I have not complaints, they were a little slow, but nothing major.  If you go on their website it used to have a ticker telling how far behind they were on reviewing files.  I sat in UW for about 3 weeks.  I ended up in their sub 640 program, then right at the end my scores rebounded, but they would not let me out of the program.  I closed in the sub 640 program because my middle score was 638 when I applied.  I got a 3.75 rate for a 15 yr mortgage.  I had a BK in 2010, I was perfect after that and had a DTI of 9% so they didnt give me a whole lot of trouble with the pay stubs/bank statements etc.  There were some hoops for the under 640 prorgram, but they waived them at the end when my score went up.  They would not lower the rate though.

   Overall I would definantly recommend them for a loan. 

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[Ron6262]

   and just on an aside, MMI has kept my loan and just subbed out the servicing.