If by chance you're a 1st time buyer in Chelsea MI and you are leaning towards a 0 down mortgage, you'll be glad to know you have several opportunities. Each of these opportunities have direct guidelines that have to be met if you want to put nothing as a down payment when mortgaging your home. Below you will find a list of opportunities available to you as a first time home buyer in Chelsea Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down mortgage is the United States Department of Agriculture's RD mortgage loan. This home loan allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call the pros at 248-674-6450 and we can tell you if the USDA Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in Chelsea Michigan is checking out state departments as in the Michigan State Housing Development Authority. MSHDA has opportunities for down payment help which can be offered in conjunction with FHA mortgage lending. The loan could be $7,500 and will not force you to make any monthly payments nor will it charge interest but it has to be paid off should you want to refinance or sell the home. There will be other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your income as it is created to assist those having low to moderate salaries.
Local or Federal GrantsThe final resource available on zero down home loans for first time home buyers in Chelsea Michigan is to inquire about any federal dollars assigned to Chelsea for neighborhood stabilization programs. You can observe more about the opportunities that are available in your township by getting in touch with your county's community development municipality which could be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Chelsea Michigan call 248-674-6450 right now!