If you're a first time buyer in Clarkston Michigan and you're leaning towards a 0 down mortgage, you'll be glad to know you have several options. Each one of these options have strict guidelines that have to be followed if you want to put nothing down when purchasing your new home. Below you will become aware of a list of options available to you as a first time home buyer in Clarkston Michigan.
The Michigan USDA Rural Development LoanThe first choice for a zero down payment home loan is the USDA's RD mortgage loan. This home financing requires no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic regulations. Call the pros at 248-674-6450 and loan officer can inform you if the United States Department of Agriculture Rural Development loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down mortgages for 1st time home buyers in Clarkston Michigan is looking into state programs as in the Michigan State Housing Development Authority. MSHDA has services for down payment assistance which will be used in conjunction with Federal Housing Administration mortgage financing. This assistance could total up to $7,500 and does not require you to send any monthly payments nor does it collect interest but it must be paid in full when you happen to refinance or sell the home. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount along with your gross income as it is designed to assist buyers earning low to moderate wages.
Local And Federal Grant MoneyThe final opportunity I have on zero down home loans for first time home buyers in Clarkston Michigan is to look up any federal dollars granted to Clarkston for neighborhood stabilization programs. You could learn more about the programs that will be offered in your township by getting in touch with your townships community development municipality which could be found in Google.
If you are interested in zero down home loans for first time home buyers in Clarkston Michigan call 248-674-6450 ASAP!