If by chance you're a 1st time buyer in Fowlerville Michigan and you're looking for a zero down payment mortgage, you'll be glad to know you have three options. Each one of these opportunities will have specific guidelines that must be considered in order to allow you to put nothing down when financing your house. Below you will become aware of a several options available to first time home buyers in Fowlerville MI.
The Michigan USDA Rural Development LoanThe first opportunity for a 0 down home loan is the United States Department of Agriculture's RD mortgage loan. This mortgage loan requires no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and we can tell you if the USDA RD mortgage loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for first time home buyers in Fowlerville Michigan is looking into state programs such as the Michigan State Housing Development Authority. MSHDA has opportunities for down payment help that can be offered along with Federal Housing Administration loan financing. The financial aid can be up to $7,500 and will not make you to send any monthly payments nor will it collect interest but it has to be paid off should you happen to refinance or sell your home. There will be other restrictions to the MSHDA down payment assistance program such as your mortgage total and your total income as it was designed to help those earning lower to moderate incomes.
Local or Federal GrantsThe final option I have on zero down home loans for first time home buyers in Fowlerville Michigan is to look into any federal funding designated to Fowlerville for neighborhood stabilization programs. You can observe more about the options that are allowed in your city by contacting your townships community development municipality which could be easily found online.
If you happen to be looking into zero down home loans for first time home buyers in Fowlerville Michigan call 248-674-6450 right now!