If you're a first time buyer in Dexter MI and you're leaning towards a zero down mortgage loan, you'll be glad to know you have several options. Every one of these choices provide strict guidelines that have to be considered if you want to put zero as a down payment when purchasing your first place. Below you'll see a list of choices available to first time home buyers in Dexter Michigan.
The Michigan USDA Rural Development LoanThe 1st option for a 0 down payment home loan is the United States Department of Agriculture's RD mortgage loan. This home loan requires 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 inform you if the United States Department of Agriculture RD mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down home loans for 1st time home buyers in Dexter Michigan is checking out state programs as in the MSHDA. Michigan State Housing Development Authority has opportunities for down payment help which will be used in conjunction with Federal Housing Administration home loan financing. This loan can total $7,500 and does not make you to pay any payment nor will it accrue interest but it absolutely must be paid off if you need to refinance or sell the home. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total and your wages as it was designed to assist those with low to moderate salaries.
Local or Federal GrantsThe last option available on zero down home loans for first time home buyers in Dexter Michigan is to look into any federal funding assigned to Dexter for neighborhood stabilization programs. You can learn more in reference to the programs that are offered in your county by contacting your county's community development office which could be easily found online.
If you'd like more info on zero down home loans for first time home buyers in Dexter Michigan call 248-674-6450 right now!