Buying a house with no down payment is still an option for many buyers and you can still get an incredibly low interest rate. In fact, by choosing zero down financing in Michigan you will get some of the lowest 30 year fixed interest rates available.
A large down payment is not required to own the home of your dreams. Stop renting today and use a zero down payment option to purchase your first house. For more information how to get zero down financing with Michigan Mortgage Solutions, call us at (248) 674-6450 or apply using the online form above today!
Zero Down Payment Options in MichiganMany local borrowers think that they don't have any options for 100% financing or a zero down payment mortgage in Michigan. While it is true that Conventional programs require a down payment of at least 3%, there are still two very real options for Michigan buyers that are lacking funds for a down payment; The Michigan USDA Rural Development Housing Program and The Michigan VA Home Loan. Many banks don't offer these options but Michigan Mortgage Solutions does!
The Michigan USDA Rural Housing ProgramThe Michigan USDA Rural Development Home Buying Program provides 100% financing through the USDA Rural Housing program. This type of loan allows for zero down payment and the sellers can pay all closing costs for the homebuyer. The Michigan USDA Program is a great option for first time buyers with zero down payment however it is restricted to certain geographic areas that are considered rural. Fortunately, in Michigan 85% of the state is eligible so call (248) 674-6450 to find out if the property you're interested in buying will qualify!
Another great benefit for the USDA program is that it traditionally offers a lower interest rate than a conventional loan. However, USDA loans do require mortgage insurance(or MI for short) both upfront and on a monthly basis. The upfront MI is 2% of the new loan amount and it gets financed into the mortgage. The monthly is 0.4% of the loan amount divided by 12 which is far less than an FHA mortgage and also less than Conventional. Call (248) 674-6450 to get more information on the USDA zero down payment home loan in Michigan.
The Michigan VA Home Loan ProgramThe Michigan VA Home Loan Program was created for Veterans of the military in order for them to purchase a home with zero down payment. Just like the USDA home loan, they can also have their closing costs paid by the sellers! Mortgage rates on VA loans are also very low and there are no geographical restrictions for VA home loans but you must be a veteran.
VA loans do not require mortgage insurance but they do have an upfront funding fee which is 2.15% of the loan amount for first time home buyers and as high as 3.3% for repeat users of the VA loan. This upfront funding fee also gets financed into the new mortgage just like the USDA Program. Call Michigan Mortgage Solutions, Michigan's premier zero down payment mortgage companies, at (248) 674-6450 to learn more about your zero down payment home buying options today.