If you're a 1st time home buyer in Bloomfield Hills Michigan and you are leaning towards a zero down payment mortgage loan, you'll be glad to know you have a couple options. All of these choices will have strict guidelines that have to be followed if you want to put nothing as a down payment when financing your first home. Below you will become aware of a list of choices available to you as a first time home buyer in Bloomfield Hills Michigan.
The Michigan USDA Rural Development LoanThe first choice for a 0 down payment mortgage loan is the United States Department of Agriculture's RD mortgage. This home loan requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call us at 248-674-6450 and we will tell you if the United States Department of Agriculture Rural Development home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down home loans for first time home buyers in Bloomfield Hills Michigan is working with state departments like the Michigan State Housing Development Authority. MSHDA has opportunities for down payment aide that can be used in conjunction with FHA loan financing. This assistance can total up to $7,500 and doesn't force you to make any payment nor does it charge interest but it has to be paid off should you need to refinance or sell the home. There happen to be other rules to the MSHDA down payment assistance program like your mortgage total and your gross income as it is put in place to assist buyers earning lower to moderate wages.
Local And Federal Grant MoneyThe last option I have on zero down home loans for first time home buyers in Bloomfield Hills Michigan is to look up any federal money offered to Bloomfield Hills for neighborhood stabilization programs. You will find more in reference to the options that could be offered in your township by reaching out to your townships community development representative which will be located in Google.
If you happen to be interested in zero down home loans for first time home buyers in Bloomfield Hills Michigan call 248-674-6450 ASAP!