If you happen to be a 1st time home buyer in Hartland MI and you're interested in a 0 down payment home loan, you will find you have three options. All of these opportunities provide specific guidelines that must be met allowing you to put nothing as a down payment when financing your home. Below you will see a several options available to first time buyers in Hartland MI.
The Michigan USDA Rural Development LoanThe first option for a 0 down payment mortgage is the United States Department of Agriculture's Rural Development mortgage. This home loan requires no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income regulations. Call us at 248-674-6450 and we'll let you know if the United States Department of Agriculture Rural Development mortgage will work for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down mortgages for 1st time home buyers in Hartland Michigan is looking into state departments such as the Michigan State Housing Development Authority. MSDA has opportunities for down payment assistance which could be collaborated in conjunction with Federal Housing Administration loan financing. This assistance can be up to $7,500 and doesn't force you to send any payment nor will it charge interest but it absolutely must be paid back when you need to refinance or sell your home. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan total and your total income as it was designed to assist people earning lower to moderate salaries.
Local or Federal GrantsThe final opportunity I have on zero down home loans for first time home buyers in Hartland Michigan is to inquire about any federal money designated to Hartland for neighborhood stabilization programs. You will learn more regarding the opportunities that could be allowed in your county by contacting your towns community development representative which can be searched on the web.
If you'd like more info on zero down home loans for first time home buyers in Hartland Michigan call 248-674-6450 right now!