UAW Member Benefits
Iris Mortgage FKA Comprehensive Mortgage, is a proud member of UAW LOCAL 889. We have been serving our union siblings since Karl Tewes started this company over 30 years ago.
Shared Values
Michigan, as card carrying, dues paying members of Local 889, each one of us at Iris Mortgage share your values.
Family – Protection - Fair Pay - Opportunity
Like our Union, home ownership protects our security, safety, and wealth. Families that own verses rent benefit from more community involvement, giving a stronger sense of belonging. Children that grow up in these families have lower rates of teen pregnancy and are more likely to pursue secondary education.
Navigating Mortgages for Michigan UAW members: Finding the Best Fit
Whether you are a first-time homeowner, looking to move or refinancing, we offer customized solutions, great service, and excellent pricing for our union siblings.
As a brokerage we have access to many lenders, which allows us to find the best deal and the best fit for each and every client.
Our Purchase and Refinance Options Make Homeownership Achievable
Conventional Mortgages for UAW members starting at as little as 1% down*
For UAW members seeking predictability in their mortgage payments, a fixed-rate, conventional mortgage from Fannie Mae / Freddie Mac is an ideal choice. With a fixed-rate mortgage, the interest rate remains constant throughout the loan term, providing stability even if market rates rise. This ensures that monthly payments remain consistent, making budgeting easier, particularly during uncertain economic times.
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Only eligible for borrowers with incomes up to 80% of the Area Median Income (Wayne County $76,960)
Fannie Mae Area Median Income Lookup Tool
Freddie Mac Home Possible Income & Property Eligibility Tool
Homeownership education required when all borrowers are first-time homebuyers
Other requirements:
30-Year Fixed primary purchases ONLYMax LTV = 97%
Down payment grant can cover up to the lesser of 2% or $4,000
Minimum FICO = 620
Maximum Loan Amount = conforming loan limits
All HomeReady and Home Possible guidelines must be met
TRAC eligible
Maximum 90-day lock period
No 2-4 units or manufactured homes
Other Down Payment Options
Fannie Mae and Freddie Mac offer mortgages to buyers with as little as 3% down for First Time Home Buyers and 5%+ for non-First Time Home BuyersThe FICO score requirement is 620+More complete information and criteria can be found here.
FHA Loans for UAW members starting at as little as 3.5% down*
For UAW members seeking predictability in their mortgage payments, a fixed-rate mortgage is an ideal choice. With a fixed-rate mortgage, the interest rate remains constant throughout the loan term, providing stability even if market rates rise. This ensures that monthly payments remain consistent, making budgeting easier, particularly during uncertain economic times.
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Here's a bullet list of FHA requirements needed to qualify, based on the information you provided:
Loan Terms Available:
- Fixed: 10, 15, 20, 25, and 30 years
- Flex: 8 Year through 30 Year Terms Available
Purchase & Refinance: Primary Residence Only
Property Type
- 1-4 Units allowed
- Manufactured property types are only permitted on non-jumbo, 1-unit properties
- Primary Residence, Investment Property, and Second Home (only for Streamline Refinance)**
Purchase
- Maximum Loan-to-Value (LTV)/Combined Loan-to-Value (CLTV):** 96.5%
- Minimum FICO Score:** 580
- Maximum Debt-to-Income Ratio (DTI):** Determined by AUS not to exceed 56.9%
- Base Loan Amount: Maximum is FHA Mortgage Limit
Rate/Term Refinance
- Max LTV/CLTV: 97.75%
- Minimum FICO Score: 580
Cash-Out Refinance
- Max LTV/CLTV: 80%
- Minimum FICO Score: 580
Additional Parameters
- 3-4 Unit Properties:
- Require a self-sufficiency test to be passed
These requirements provide a framework for both purchasing and refinancing under FHA guidelines, tailored specifically for primary residences and certain other conditions.
VA Loans for UAW Members starting at as little as 0% down*
For UAW members who are veterans or currently serving in the military, VA loans offer attractive benefits, including no down payment and competitive interest rates. These loans are guaranteed by the U.S. Department of Veterans Affairs, providing added security for lenders and borrowers alike. VA loans also have more lenient credit requirements, making them accessible to UAW members who may have faced financial challenges in the past.
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Here are the top 10 benefits of using a VA loan, based on the provided VA Buyer's Guide:
1. No Down Payment Required: VA loans generally do not require a down payment as long as the purchase price does not exceed the appraised value of the home.
2. No Private Mortgage Insurance (PMI): VA loans do not require borrowers to purchase private mortgage insurance, a benefit that can result in significant monthly savings.
3. Competitive Interest Rates: VA loans typically offer more competitive interest rates than many other loan types, which can decrease the overall cost of borrowing.
4. No Prepayment Penalty: Borrowers can pay off their VA loan early without facing any penalties, giving them flexibility to reduce interest costs without additional fees.
5. Limited Closing Costs: The seller can pay for some or all of the closing costs, and VA limits certain closing costs, making home buying more affordable.
6. Assumability: VA loans can be assumed by other VA-eligible borrowers, which can be advantageous if the loan has a lower interest rate than currently available rates.
7. Foreclosure Avoidance: VA works with borrowers experiencing financial difficulties to help prevent foreclosure, providing a level of security during economic hardships.
8. Lifetime Benefit: The VA loan benefit is not a one-time benefit; it can be reused for future home purchases or refinancing, offering long-term value.
9. Variety of Eligible Property Types**: VA loans can be used to buy a home, condo in a VA-approved project, build a house, purchase and improve a home, or buy a manufactured home and lot.
10. No Loan Limits for Full Entitlement**: If you have full entitlement, there are no loan limits on how much you can borrow for a VA loan, although you must still qualify for the amount borrowed based on credit and income.
These benefits make VA loans a powerful and flexible tool for veterans and active service members looking to purchase or refinance a home. SOURCE
Apply with Iris.
Iris mortgage has committed to cultivating relationships, educating members, and sponsoring events to share the benefit of homeownership and show members how they can unlock their goals.
Zach, Andrea, and Chris are standing by and ready to assist you today.
Five ways UAW members build generational wealth through homeownership.
Buying a home can indeed be a significant factor in building generational wealth for UAW members. Here's how:
1. Equity Build-Up: When you buy a home with a mortgage, a portion of each mortgage payment goes towards paying down the principal balance of the loan. Over time, this builds equity in the home. As the equity grows, it can be leveraged for various purposes, such as further investments or home improvements.
2. Appreciation: Historically, real estate tends to appreciate over time. While there are no guarantees, especially in the short term, long-term trends often show an increase in property values. This appreciation can significantly increase the value of your home and, consequently, your overall wealth.
3. Tax Benefits: Homeownership often comes with tax advantages. Mortgage interest and property tax payments are typically deductible from your income taxes, reducing your taxable income. Additionally, if you sell your primary residence for a profit, you may qualify for capital gains tax exclusions.
4. Stability and Security: Owning a home provides stability and security for you and your family. You're not subject to the whims of a landlord or rental market fluctuations. This stability allows you to focus on other financial goals and investments.
5. Inheritance: A home can be passed down to future generations, providing them with a valuable asset. This inheritance can serve as a stepping stone for your descendants, helping them achieve their own financial goals and build wealth.
For UAW members, buying a home represents an opportunity to establish a solid financial foundation and create wealth that can benefit both the current and future generations. However, it's essential to carefully consider factors such as affordability, market conditions, and long-term financial goals before making such a significant investment.
Our team at Iris mortgage is here to help you navigate this decision with honesty and transparency.
