If you're a first time buyer in Clinton Township MI and you are interested in a 0 down mortgage, you'll notice you have three opportunities. Every one of these options have strict guidelines that should be considered in order to allow you to put zero as a down payment when financing your new house. Below you will become aware of a couple opportunities available to first time buyers in Clinton Township MI.
The Michigan USDA Rural Development LoanThe first option for a zero down payment home loan is the United States Department of Agriculture's RD mortgage. This home 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 a mortgage consultant will tell you if the USDA Rural Development mortgage will work for you.
MSHDA Down Payment AssistanceAnother consideration on zero down mortgage loans for 1st time home buyers in Clinton Township Michigan is checking out state programs as in the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment help which could be offered in conjunction with FHA mortgage lending. This loan could be up to $7,500 and will not force you to send any payment nor does it collect interest but it must be paid back when you need to refinance or sell the home. There are other rules to the MSHDA down payment assistance program like your mortgage amount along with your total income as it was created to help buyers earning lower to moderate salaries.
Local or Federal GrantsThe final resource I have on zero down home loans for first time home buyers in Clinton Township Michigan is to inquire about any federal funding granted to Clinton Township for neighborhood rehabilitation programs. You can observe more in reference to the programs that are available in your town by getting in touch with your areas community development municipality which could be found in Google.
If you'd like more info on zero down home loans for first time home buyers in Clinton Township Michigan call 248-674-6450 right now!