If you're a first time buyer in Holly Michigan and you are looking for a zero down mortgage loan, you will find you have a couple opportunities. All of these choices provide specific guidelines that should be met if you want to put nothing down when mortgaging your new house. Below you will see a several choices available to first time home buyers in Holly MI.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down payment home loan is the United States Department of Agriculture's RD mortgage. This home financing offers zero down but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and we'll inform you if the United States Department of Agriculture Rural Development mortgage will work for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for first time home buyers in Holly Michigan is looking into state programs like the MSHDA. Michigan State Housing Development Authority has opportunities for down payment aide which could be offered along with FHA home loan lending. This loan could be $7,500 and does not require you to pay any monthly payments nor does it collect interest but it has to be paid back should you need to refinance or sell the house. There will be other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your loan amount along with your total income as it was created to help those earning lower to moderate salaries.
Local or Federal GrantsThe last opportunity I have on zero down home loans for first time home buyers in Holly Michigan is to look into any federal dollars designated to Holly for neighborhood stabilization programs. You could observe more regarding the opportunities that could be available in your county by getting in touch with your citys community development representative which could be found on the internet.
If you happen to be considering zero down home loans for first time home buyers in Holly Michigan call 248-674-6450 now!