If you happen to be a 1st time home buyer in Center Line MI and you are interested in a 0 down payment mortgage loan, you will find you have a couple choices. Each one of these choices provide direct guidelines that have to be followed in order to allow you to put nothing as a down payment when mortgaging your first home. Below you will find a several options available to first time buyers in Center Line Michigan.
The Michigan USDA Rural Development LoanThe 1st option for a zero down mortgage loan is the USDA's RD mortgage. This home financing offers no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income regulations. Call Michigan Mortgage Solutions at 248-674-6450 and we can let you know if the United States Department of Agriculture Rural Development home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down mortgages for first time home buyers in Center Line Michigan is checking out state programs such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment help that can be offered along with FHA home loan lending. This assistance can be as much as $7,500 and will not force you to send any monthly payments nor does it collect interest but it must be paid off if you happen to refinance or sell the home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your household income as it is put in place to help buyers having low to moderate wages.
Local or Federal GrantsThe last opportunity I have on zero down home loans for first time home buyers in Center Line Michigan is to look into any federal dollars offered to Center Line for neighborhood rehabilitation programs. You can observe more in reference to the options that may be allowed in your city by getting in touch with your countys community development representative which can be searched online.
If you'd like more info on zero down home loans for first time home buyers in Center Line Michigan call 248-674-6450 right now!