If you happen to be a 1st time home buyer in Eastpointe Michigan and you're looking for a 0 down mortgage loan, you will notice you have three opportunities. Each one of these choices provide direct guidelines that should be followed in order to allow you to put zero down when buying your home. Below you will notice a couple opportunities available to first time home buyers in Eastpointe MI.
The Michigan USDA Rural Development LoanThe first choice for a zero down payment home loan is the United States Department of Agriculture's RD mortgage. This mortgage financing offers no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and mortgage broker will let you know if the United States Department of Agriculture Rural Development home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgage loans for 1st time home buyers in Eastpointe Michigan is checking out state departments such as the MSHDA. Michigan State Housing Development Authority has opportunities for down payment assistance that will be used along with FHA home loan lending. The loan can total $7,500 and will not force you to make any monthly payments nor will it charge interest but it must be paid off when you want to refinance or sell the house. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your wages as it was created to assist buyers having lower to moderate incomes.
Local or Federal GrantsThe last opportunity I have on zero down home loans for first time home buyers in Eastpointe Michigan is to check out any federal money offered to Eastpointe for neighborhood stabilization programs. You could find more about the opportunities that may be allowed in your town by reaching out to your city's community development office which will be searched in Google.
If you'd like more info on zero down home loans for first time home buyers in Eastpointe Michigan call 248-674-6450 right now!