If you happen to be a first time buyer in Cohoctah MI and you're leaning towards a zero down mortgage loan, you will notice you have a couple choices. Each of these opportunities provide specific guidelines that have to be followed if you want to put nothing as a down payment when purchasing your first house. Below you'll notice a few options available to you as a first time home buyer in Cohoctah Michigan.
The Michigan USDA Rural Development LoanThe first opportunity for a zero down mortgage loan is the USDA's Rural Development mortgage. This home loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call us at 248-674-6450 and mortgage broker will let you know if the United States Department of Agriculture Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgage loans for first time home buyers in Cohoctah Michigan is working with state departments such as the MSHDA. MSHDA has services for down payment assistance which could be offered along with Federal Housing Administration mortgage lending. The assistance can total as much as $7,500 and doesn't make you to make any payment nor does it accrue interest but it must be paid back if you want to refinance or sell your home. There are other restrictions to the MSHDA down payment assistance program such as your mortgage amount along with your wages as it was designed to assist those having low to moderate incomes.
Local or Federal GrantsThe last resource available on zero down home loans for first time home buyers in Cohoctah Michigan is to look up any federal dollars assigned to Cohoctah for neighborhood stabilization programs. You can learn more regarding the options that could be offered in your county by contacting your townships community development office which can be easily found on the web.
If you happen to be looking into zero down home loans for first time home buyers in Cohoctah Michigan call 248-674-6450 right now!