Call It Home Qualifications

Putting Neighborhoods First

FirstMerit Bank's special loan program for homebuyers and homeowners in Wayne County, Michigan* is part of our commitment to help our neighbors and build our communities.  The program offers interest rate discounts for new home purchases and refinancing of current homes, and may include assistance with closing costs and down payments.  As always, you receive personal attention from a mortgage loan officer who will get to know you and your homeownership dreams.

In addition, FirstMerit also offers a home improvement loan with low market interest rates and no processing fees.

Qualification Criteria

Please review the questions and checklist below for documents and information you will need to bring with you at the time you apply for your mortgage loan.  Having the answers to these questions and items on the checklist ready to present when you apply will expedite the processing of your loan.

Questions you should be prepared to answer when applying for a loan.

  • What type of available funds do you have access to for a down payment?
  • If you have had a foreclosure, has it been at least four years since you have been released and the deed has transferred?
  • Has your rent or housing over the past 12 months been paid with no late payments more than 30 days past due?
  • Was your installment, revolving and non-traditional debt over the past 12 months paid with no late payments more than 30 days past due?
  • Are your total combined medical collections, non-medical collections and charge offs under $1,000?
  • Can you pay any pending judgments prior to closing?
  • Is the home you want to purchase in average or better condition or will it need rehabilitation quotes included in your financing?

If you will be applying for a loan to purchase or refinance a home, or a home improvement loan, below is the list of the loan qualification criteria and information you’ll need to bring.    

  • Home must be your primary residence, owner occupied
  • Home must be a single family or in an approved condominium site
  • At least two years of continuous income and provide proof of income
  • Most recent paystub received showing 30 days of earnings with your name and employer’s name and address on the paystub
  • Most recent W-2 forms and/or 1099
  • Federal Income Tax Returns for the most recent two years and K1’s if applicable
  • Two months of the most recent bank statements for checking and savings accounts; if bank print out, must have teller stamp and signed by teller printed on Bank letterhead including bank name and address
  • Alimony, child support or separate maintenance income need not be revealed if the borrower or co-borrower does not choose to have it considered for repaying this loan; copy of divorce decree or child support order, if applicable
  • Alimony, child support or separate maintenance payments must be shown as a debt; copy of divorce decree or child support order will be required
  • Complete copy of bankruptcy and discharge papers with all schedules, if applicable

Next Steps

To begin the loan application process if your home is in a qualified area*, call or email a mortgage loan officer and we can guide you through the application process and help to get you qualified today.

Apply Now

 

 

Let's Talk

  • Call: 313-494-3294 (Darlene Leaks - NMLS #905534)
  • Call: 313-530-9880 (Priscilla Hampton - NMLS #803810)
  • Email Us

 

*Qualified area in Wayne County, Michigan is defined as those census tracts designated by 2010 census data as greater than 50% African American or Black population.

All loans subject to credit approval.