If by chance you're a 1st time home buyer in Clawson MI and you're interested in a zero down payment mortgage, you will notice you have several options. Each one of these opportunities will have strict guidelines that have to be followed in order to allow you to put zero down when financing your new home. Below you'll become aware of a list of options available to first time home buyers in Clawson MI.
The Michigan USDA Rural Development LoanThe first option for a 0 down home loan is the USDA's Rural Development mortgage. This home financing offers zero down but is subject to an up front mortgage insurance premium and it also has income & geographic restrictions. Call us at 248-674-6450 and we can let you know if the United States Department of Agriculture RD mortgage is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on zero down mortgages for 1st time home buyers in Clawson Michigan is looking into state programs such as the MSHDA. Michigan State Housing Development Authority has programs for down payment help which can be offered along with FHA loan lending. This assistance can total as much as $7,500 and does not force you to make any monthly payments nor does it collect interest but it absolutely must be paid off if you want to refinance or sell your house. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your loan amount along with your household income as it was created to help those having low to moderate salaries.
Local And Federal Grant MoneyThe last option I have on zero down home loans for first time home buyers in Clawson Michigan is to inquire about any federal money granted to Clawson for neighborhood rehabilitation programs. You will learn more in reference to the options that could be available in your area by reaching out to your countys community development office which will be easily found on the internet.
If you are looking into zero down home loans for first time home buyers in Clawson Michigan call 248-674-6450 right now!