If you're a first time home buyer in Bridgewater MI and you are interested in a 0 down payment mortgage loan, you'll be glad to know you have three choices. Every one of these opportunities will have specific guidelines that should be met in order to allow you to put nothing down when buying your new house. Below you will see a couple opportunities available to first time buyers in Bridgewater Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a zero down mortgage loan is the USDA's Rural Development home loan. This mortgage financing allows zero down but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call us at 248-674-6450 and Michigan Mortgage Solutions can tell you if the United States Department of Agriculture Rural Development mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down mortgage loans for first time home buyers in Bridgewater Michigan is looking into state departments like the MSHDA. MSHDA has opportunities for down payment aide that could be used in conjunction with Federal Housing Administration home loan financing. The financial aid can be $7,500 and doesn't require you to send any payment nor will it accrue interest but it absolutely must be paid back if you happen to refinance or sell the home. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage amount and your income as it was designed to help people having lower to moderate incomes.
Local or Federal GrantsThe final resource available on zero down home loans for first time home buyers in Bridgewater Michigan is to look up any federal money granted to Bridgewater for neighborhood rehabilitation programs. You can observe more in reference to the opportunities that are allowed in your town by reaching out to your county's community development office which will be found on the web.
If you'd like more info on zero down home loans for first time home buyers in Bridgewater Michigan call 248-674-6450 right now!