If you happen to be a first time buyer in Berkley Michigan and you're leaning towards a zero down payment mortgage loan, you'll notice you have a couple opportunities. Each of these opportunities will have strict guidelines that have to be met in order to allow you to put nothing down when buying your first house. Below you will notice a several options available to you as a first time home buyer in Berkley MI.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down payment home loan is the USDA's RD mortgage loan. This home loan allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call the pros at 888-665-2630 and we can inform you if the United States Department of Agriculture RD home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for 1st time home buyers in Berkley Michigan is working with state departments as in the MSHDA. MSHDA has services for down payment assistance that will be used in conjunction with Federal Housing Administration mortgage lending. This loan could be as much as $7,500 and doesn't force you to pay any payment nor does it accrue interest but it must be paid off should you want to refinance or sell the house. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program like your loan amount along with your total income as it is designed to help people having low to moderate wages.
Local And Federal Grant MoneyThe final option I have on zero down home loans for first time home buyers in Berkley Michigan is to check out any federal funding assigned to Berkley for neighborhood rehabilitation programs. You will learn more about the programs that will be offered in your county by reaching out to your towns community development municipality which can be found in Google.
If you're looking into zero down home loans for first time home buyers in Berkley Michigan call 248-674-6450 now!