Zero Down Home Loans For First Time Buyers in Ferndale
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Zero Down Home Loans For First Time Buyers in Ferndale

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 Loan

The 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 Assistance

Another 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 Grants

The 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!

Accurate Mortgage Payment Calculations on The Go
Our mortgage app allows borrowers to calculate mortgage payments using up to date mortgage rates as well as accurate mortgage insurance premiums based on product and credit score

Designed with ease of use and accuracy in mind

Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.

Buit-in convenience within the admin area

The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.

Install on your phone for easy access 24/7

Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you'll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.

All mortgage calculations are saved

You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.

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  • Fred Thompson
    November 2, 2011

    Fantastic blog article.Much thanks again. Awesome.

  • Donna Nelson
    November 3, 2011

    Thanks so much for the post. Fantastic.

  • Sean Campbell
    November 5, 2011

    I am so grateful for your blog post.Really looking forward to read more. Great.

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