If by chance you're a first time home buyer in Armada Michigan and you are looking for a zero down payment mortgage, you will notice you have a couple choices. Every one of these options will have strict guidelines that must be considered if you want to put nothing down when purchasing your first house. Below you'll find a several choices available to first time home buyers in Armada MI.
The Michigan USDA Rural Development LoanThe first choice for a 0 down payment mortgage is the USDA's RD mortgage loan. This mortgage financing requires zero down but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and mortgage broker will let you know if the United States Department of Agriculture Rural Development mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for first time home buyers in Armada Michigan is working with state departments like the MSHDA. MSHDA has services for down payment assistance which can be offered in conjunction with FHA loan financing. This assistance could be as much as $7,500 and doesn't force you to make any monthly payments nor does it charge interest but it must be paid back should you want to refinance or sell the home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program like your loan amount along with your wages as it was created to assist buyers with low to moderate wages.
Local or Federal GrantsThe last option I have on zero down home loans for first time home buyers in Armada Michigan is to check out any federal money granted to Armada for neighborhood stabilization programs. You could find more in reference to the programs that may be allowed in your county by reaching out to your towns community development municipality which could be easily found on the internet.
If you'd like more info on zero down home loans for first time home buyers in Armada Michigan call 248-674-6450 right now!