If you happen to be a 1st time buyer in Birmingham Michigan and you're interested in a 0 down payment mortgage, you will notice you have a few options. Every one of these choices provide specific guidelines that should be followed in order to allow you to put nothing down when purchasing your first house. Below you'll become aware of a several options available to first time buyers in Birmingham Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down mortgage is the United States Department of Agriculture's RD mortgage. This mortgage financing allows no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call the pros at 248-674-6450 and we can inform you if the United States Department of Agriculture RD loan will work for you.
MSHDA Down Payment AssistanceAnother consideration on zero down mortgages for first time home buyers in Birmingham Michigan is checking out state programs such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has services for down payment help which could be offered along with Federal Housing Administration home loan financing. The loan can be $7,500 and will not require you to send any monthly payments nor will it collect interest but it has to be paid off should you need to refinance or sell the home. There are other rules to the MSHDA down payment assistance program like your mortgage total along with your gross income as it was designed to assist buyers earning lower to moderate wages.
Local And Federal Grant MoneyThe last resource available on zero down home loans for first time home buyers in Birmingham Michigan is to look into any federal funding offered to Birmingham for neighborhood stabilization programs. You can find more in reference to the options that may be offered in your town by contacting your townships community development municipality which will be found in Google.
If you're interested in zero down home loans for first time home buyers in Birmingham Michigan call 248-674-6450 today!