Home financing in Kent County.

Home financing means borrowing money to purchase, refinance, or improve a home or small residential investment property. The most common tool is a mortgage — a loan secured by the property itself. You make monthly payments over a set term (usually 15 or 30 years), and the lender holds a lien on the property until the loan is paid off.

Beyond standard mortgages, home financing in Kent County can also include:

• **Home equity loans or lines of credit (HELOCs):** You borrow against equity you've already built in a home you own.

• **Construction or renovation loans:** Used to build or significantly improve a property, often converting to a regular mortgage at completion.

• **Bridge loans:** Short-term financing to buy a new property before selling an existing one.

• **ITIN-based mortgages:** Loans designed for borrowers who don't have a Social Security Number but do have an Individual Taxpayer Identification Number.

Not every lender offers every product. That's why finding the right local partner — not just the lowest advertised rate — matters so much.

Kent County's economy is anchored by manufacturing, healthcare, logistics, and a growing professional services sector. Grand Rapids is the county seat and one of Michigan's fastest-growing cities, with a large Latino community, a significant immigrant workforce, and many self-employed contractors who work in construction, trucking, landscaping, and skilled trades.

Lenders in Kent County typically look at:

• **Credit score:** Most conventional loans prefer a score of 620 or higher, but some local programs and ITIN lenders work with applicants who have limited or non-traditional credit histories.

• **Income documentation:** W-2 employees have the easiest path, but self-employed borrowers and contractors can qualify using bank statements, profit-and-loss statements, or 1099s — depending on the lender.

• **Down payment:** Ranges from 0% (certain USDA or VA loans) to 3–5% for first-time buyer programs, to 15–25% for investment properties.

• **Debt-to-income ratio (DTI):** Most lenders want your total monthly debt payments to be 43% or less of your gross monthly income.

• **ITIN borrowers:** Several local lenders and CDFIs accept ITIN in place of an SSN. You'll typically need a longer credit history, a larger down payment (10–20%), and solid income documentation.

If you are self-employed, run a small business, or have irregular income, don't assume you won't qualify — many Kent County lenders are experienced with non-traditional borrowers.

Gathering your documents before you apply saves time and reduces stress. Here is what most lenders in Kent County will ask for:

**For all borrowers:**

• Government-issued photo ID (driver's license, passport, or consular ID)

• ITIN letter or Social Security card

• Two years of federal tax returns (personal, and business if self-employed)

• Two most recent W-2s or 1099s

• Two to three months of bank statements (all accounts)

• Pay stubs from the last 30 days (if employed)

• Proof of any other income (rental income, child support, disability)

• Landlord contact information or 12 months of rent payment records if you are currently renting

**Additional items for self-employed or contractor borrowers:**

• Profit-and-loss statement (year-to-date, prepared or signed by you)

• Business bank statements (12–24 months, depending on lender)

• Business license or DBA registration if applicable

• Letters from clients or contracts showing ongoing work

**For investment property purchases:**

• Current leases on any properties you already own

• Schedule E from your tax return showing rental income/loss

• A property management plan or explanation of your strategy

Organize these in a folder — digital or paper — before your first lender meeting. It shows you are prepared and speeds up the process.