If you happen to be a first time home buyer in Ann Arbor MI and you are interested in a zero down home loan, you'll notice you have a couple opportunities. Each one of these opportunities provide specific guidelines that should be followed allowing you to put nothing as a down payment when mortgaging your house. Below you will see a few choices available to first time home buyers in Ann Arbor Michigan.
The Michigan USDA Rural Development LoanThe first choice for a zero down mortgage is the United States Department of Agriculture's Rural Development mortgage. This home financing requires zero down but is subject to an up front mortgage insurance premium and it also has geographic and income restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and a mortgage consultant will let you know if the United States Department of Agriculture Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgage loans for first time home buyers in Ann Arbor Michigan is checking out state departments like the MSHDA. MSHDA has programs for down payment assistance that will be offered along with FHA home loan financing. The financial aid can total as much as $7,500 and doesn't require you to make any monthly payments nor will it charge interest but it must be paid off should you happen to refinance or sell your home. There will be other rules to the MSHDA down payment assistance program such as your loan total and your wages as it was created to help people earning low to moderate incomes.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Ann Arbor Michigan is to look into any federal money granted to Ann Arbor for neighborhood stabilization programs. You could observe more in reference to the opportunities that are available in your town by getting in touch with your areas community development municipality which can be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Ann Arbor Michigan call 248-674-6450 right now!