If by chance you're a first time home buyer in Highland Michigan and you are looking for a 0 down mortgage, you will find you have several opportunities. All of these options have direct guidelines that have to be considered allowing you to put nothing down when purchasing your first house. Below you will find a several options available to first time home buyers in Highland Michigan.
The Michigan USDA Rural Development LoanThe first option for a 0 down payment home loan is the USDA's Rural Development mortgage. This home financing requires no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and we'll let you know if the United States Department of Agriculture Rural Development home loan will work for you.
The Michigan USDA Rural Development LoanAnother thing to consider on zero down mortgage loans for first time home buyers in Highland Michigan is working with state programs such as the MSHDA. Michigan State Housing Development Authority has programs for down payment help which can be offered along with Federal Housing Administration loan financing. This financial aid could be $7,500 and will not require you to send any payment nor does it collect interest but it absolutely must be paid off should you want to refinance or sell the home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your gross income as it is created to assist buyers with low to moderate wages.
MSHDA Down Payment AssistanceThe final resource available on zero down home loans for first time home buyers in Highland Michigan is to look up any federal money assigned to Highland for neighborhood stabilization programs. You could learn more on the programs that may be offered in your county by getting in touch with your countys community development municipality which will be easily found in Google.
If you are interested in zero down home loans for first time home buyers in Highland Michigan call 248-674-6450 today!