If you're a 1st time buyer in Howell MI and you're interested in a zero down home loan, you will find you have a few options. Every one of these opportunities have specific guidelines that have to be considered in order to allow you to put nothing as a down payment when financing your home. Below you will notice a several opportunities available to first time buyers in Howell MI.
The Michigan USDA Rural Development LoanThe first choice for a 0 down payment mortgage is the USDA's Rural Development mortgage loan. This mortgage financing offers no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call the pros at 248-674-6450 and we can let you know if the USDA RD mortgage will work for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down home loans for 1st time home buyers in Howell Michigan is working with state departments such as the MSHDA. MSHDA has opportunities for down payment aide which will be offered in conjunction with FHA loan financing. The loan can be as much as $7,500 and does not require you to pay any payment nor does it accrue interest but it has to be paid back if you need to refinance or sell the house. There happen to be other rules to the MSHDA down payment assistance program like your mortgage amount along with your income as it is created to help people earning lower to moderate incomes.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Howell Michigan is to look into any federal dollars assigned to Howell for neighborhood stabilization programs. You will learn more about the programs that may be offered in your township by reaching out to your towns community development office which will be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Howell Michigan call 248-674-6450 right now!