If by chance you're a 1st time buyer in Farmington Michigan and you are looking for a zero down mortgage, you'll find you have a few options. Each one of these options will have direct guidelines that have to be met allowing you to put zero as a down payment when mortgaging your first house. Below you'll notice a few options available to first time home buyers in Farmington Michigan.
The Michigan USDA Rural Development LoanThe first choice for a 0 down mortgage is the United States Department of Agriculture's RD mortgage loan. This mortgage loan allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income regulations. Call us at 248-674-6450 and Michigan Mortgage Solutions can tell you if the USDA Rural Development loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for 1st time home buyers in Farmington Michigan is working with state programs as in the MSHDA. MSHDA has programs for down payment assistance that will be offered along with Federal Housing Administration loan lending. The financial aid can total as much as $7,500 and doesn't force you to pay any monthly payments nor will it collect interest but it has to be paid off when you happen to refinance or sell your home. There happen to be other restrictions to the MSHDA down payment assistance program like your mortgage total along with your total income as it was created to assist those with lower to moderate incomes.
Local or Federal GrantsThe last opportunity I have on zero down home loans for first time home buyers in Farmington Michigan is to inquire about any federal dollars designated to Farmington for neighborhood stabilization programs. You can learn more about the programs that may be allowed in your town by getting in touch with your countys community development representative which could be found in Google.
If you happen to be looking into zero down home loans for first time home buyers in Farmington Michigan call 248-674-6450 today!