If you happen to be a 1st time home buyer in Hazel Park MI and you are looking for a zero down home loan, you will notice you have a few choices. Each of these options have strict guidelines that have to be met if you want to put zero as a down payment when purchasing your first home. Below you will find a several choices available to you as a first time home buyer in Hazel Park MI.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down mortgage loan is the USDA's Rural Development mortgage. This home loan requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call the pros at 248-674-6450 and a mortgage consultant will let you know if the USDA Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for 1st time home buyers in Hazel Park Michigan is checking out state programs as in the MSHDA. MSHDA has opportunities for down payment assistance which could be collaborated along with FHA loan lending. The loan could total up to $7,500 and will not make you to send any monthly payments nor does it accrue interest but it absolutely must be paid in full if you happen to refinance or sell your home. There are other guidelines to the MSHDA down payment assistance program such as your loan amount along with your household income as it is designed to help buyers with lower to moderate salaries.
Local or Federal GrantsThe last option available on zero down home loans for first time home buyers in Hazel Park Michigan is to check out any federal dollars designated to Hazel Park for neighborhood rehabilitation programs. You could find more in reference to the resources that may be allowed in your city by reaching out to your citys community development representative which could be found in Google.
If you're thinking about zero down home loans for first time home buyers in Hazel Park Michigan call 248-674-6450 right now!