If you happen to be a first time buyer in Ferndale Michigan and you are leaning towards a zero down payment mortgage, you will be glad to know you have a few opportunities. Each one of these choices will have direct guidelines that must be considered allowing you to put nothing as a down payment when mortgaging your home. Below you will become aware of a several opportunities available to first time home buyers in Ferndale MI.
The Michigan USDA Rural Development LoanThe 1st choice for a 0 down payment home loan is the United States Department of Agriculture's Rural Development mortgage loan. This mortgage loan offers zero down but is subject to an up front mortgage insurance premium and it also has income & geographic regulations. Call Michigan Mortgage Solutions at 248-674-6450 and Michigan Mortgage Solutions can tell you if the USDA RD loan is best for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for 1st time home buyers in Ferndale Michigan is working with state programs such as the MSHDA. Michigan State Housing Development Authority has programs for down payment assistance that could be offered in conjunction with Federal Housing Administration home loan lending. This financial aid 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 if you want to refinance or sell your home. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total along with your wages as it was put in place to assist those earning lower to moderate wages.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Ferndale Michigan is to look up any federal dollars granted to Ferndale for neighborhood stabilization programs. You can find more in reference to the resources that are offered in your township by reaching out to your towns community development representative which will be searched on the web.
If you happen to be looking into zero down home loans for first time home buyers in Ferndale Michigan call 248-674-6450 now!