Zero Down Home Loans For First Time Buyers in Farmington
If you happen to be a first time buyer in Farmington MI and you’re looking for a 0 down payment home loan, you will notice you have three opportunities. Each one of these choices provide specific guidelines that have to be considered in order to allow you to put zero down when financing your new house. Below you’ll see a list of opportunities available to first time home buyers in Farmington Michigan.
The Michigan USDA Rural Development Loan
The first choice for a 0 down home loan is the USDA Rural Development mortgage loan. This mortgage financing requires zero down but is requires both an up front mortgage insurance premium and a monthly mortgage insurance. The Michigan RD loan also has household income & geographic restrictions. This means you can’t earn over a certain household income and the property has to be located in a “rural” area. A “rural” area is dependent on population so most bigger cities won’t be eligible. Call Michigan Mortgage Solutions at 248-674-6450 and we can let you if the USDA RD loan will work for you.
MSHDA And Other Down Payment Assistance Programs
Another consideration on zero down mortgages for first time home buyers in Farmington Michigan is looking into state programs such as the Michigan State Housing Development Authority. The Michigan State Housing Development Authority, also known as MSHDA, has opportunities for down payment assistance that can be paired with FHA loan financing. These programs often require an additional approval and delays during the financing process.
MSHDA’s down payment assistance program is actually a loan that doesn’t collect interest or need to be paid back until the homebuyer refinances the mortgage or sells the property. The loan could be as much as $7,500 and can go towards your down payment and closing costs. The MSHDA down payment assistance program does have household income and credit score restrictions.
Some lenders also offer down payment assistance programs that often go smoother and have less restrictions than the MSHDA program. Call (248) 674-6450 for the pros at Michigan Mortgage Solutions to find out if there is a down payment assistance program that might work for you.
Local And Federal Grant Money For First Time Buyers in Farmington
The final opportunity for zero down home loans for first time home buyers is to look up any federal funding offered to Farmington for neighborhood stabilization programs. You can find more on the opportunities that could be allowed in your city by contacting your county’s community development office which could be easily found with an online search.
If you happen to be thinking about zero down home loans for first time home buyers in Farmington Michigan call 248-674-6450 ASAP! At Michigan Mortgage Solutions we work with first time buyers every day. Most of our borrowers take full advantage of our FREE Home Loan Discovery Calls where we break down the home buying process and explain everything in easy to understand chunks. You’ll leave this call feeling confident and educated on how to buy your first home.
Your 5-Star Home Loan Discovery Call Includes…
- A no-cost/no-obligation pre-approval…
- Find out exactly how much you can borrow…
- Start house shopping today…
- Answers to all your questions…
- Access to the lowest rates possible…
- We help buyers with credit issues…
