If you're a first time buyer in Brighton MI and you're leaning towards a zero down payment mortgage, you will find you have three options. All of these opportunities will have specific guidelines that should be met if you want to put zero as a down payment when mortgaging your new home. Below you will become aware of a list of choices available to first time home buyers in Brighton MI.
The Michigan USDA Rural Development LoanThe 1st option for a 0 down payment mortgage loan is the United States Department of Agriculture's Rural Development mortgage loan. This mortgage loan allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call the pros at 248-674-6450 and we can inform you if the USDA Rural Development home loan will work for you.
MSHDA Down Payment AssistanceAnother consideration on zero down home loans for 1st time home buyers in Brighton Michigan is checking out state departments as in the Michigan State Housing Development Authority. MSHDA has opportunities for down payment help that can be collaborated along with FHA home loan lending. The loan could be up to $7,500 and doesn't require you to make any monthly payments nor will it collect interest but it has to be paid in full if you need to refinance or sell your house. There will be other guidelines to the MSHDA down payment assistance program such as your loan total along with your household income as it was created to help those earning low to moderate salaries.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Brighton Michigan is to look into any federal money granted to Brighton for neighborhood stabilization programs. You will find more regarding the resources that may be available in your city by contacting your citys community development representative which could be searched on the internet.
If you're interested in zero down home loans for first time home buyers in Brighton Michigan call 248-674-6450 now!