If you happen to be a first time buyer in Auburn Hills MI and you're looking for a 0 down payment home loan, you will notice you have three opportunities. Each one of these choices provide specific guidelines that have to be considered in order to allow you to put zero down when mortgaging your new house. Below you'll see a list of opportunities available to first time home buyers in Auburn Hills Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a 0 down home loan is the USDA's Rural Development mortgage loan. This mortgage financing requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call the pros at 248-674-6450 and we can inform you if the United States Department of Agriculture RD mortgage loan is best for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for 1st time home buyers in Auburn Hills Michigan is looking into state programs as in the Michigan State Housing Development Authority. Michigan State Housing Development Authority has opportunities for down payment assistance that can be offered along with FHA loan lending. This loan could be as much as $7,500 and will not make you to send any payment nor does it collect interest but it must be paid off when you happen to refinance or sell the home. There happen to be other guidelines to the MSHDA down payment assistance program like your loan amount along with your household income as it was designed to assist buyers having lower to moderate salaries.
Local And Federal Grant MoneyThe final opportunity I have on zero down home loans for first time home buyers in Auburn Hills Michigan is to look up any federal funding offered to Auburn Hills for neighborhood stabilization programs. You can find more on the opportunities that could be allowed in your city by contacting your countys community development office which could be easily found in Google.
If you happen to be thinking about zero down home loans for first time home buyers in Auburn Hills Michigan call 248-674-6450 ASAP!