If by chance you're a 1st time home buyer in Fraser MI and you're interested in a 0 down payment mortgage, you'll find you have a few options. Every one of these opportunities have strict guidelines that should be met allowing you to put zero as a down payment when purchasing your first home. Below you will notice a several choices available to first time home buyers in Fraser MI.
The Michigan USDA Rural Development LoanThe 1st option for a zero down home loan is the United States Department of Agriculture's RD mortgage loan. This home financing requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and Michigan Mortgage Solutions can inform you if the USDA RD home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in Fraser Michigan is looking into state departments such as the MSHDA. MSHDA has opportunities for down payment assistance which can be offered along with FHA mortgage lending. The financial aid can be as much as $7,500 and does not make you to send any monthly payments nor will it accrue interest but it has to be paid back should you happen to refinance or sell the home. There will be other restrictions to the MSDA down payment assistance program like your mortgage total and your wages as it is created to help buyers having lower to moderate incomes.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Fraser Michigan is to inquire about any federal funding designated to Fraser for neighborhood stabilization programs. You can observe more about the opportunities that may be offered in your township by getting in touch with your citys community development municipality which can be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Fraser Michigan call 248-674-6450 right now!