If you're a first time home buyer in Huntington Woods MI and you're leaning towards a zero down home loan, you'll be glad to know you have a few options. Every one of these options will have specific guidelines that must be followed if you want to put zero as a down payment when mortgaging your new home. Below you will notice a several choices available to first time buyers in Huntington Woods MI.
The Michigan USDA Rural Development LoanThe 1st option for a 0 down payment mortgage is the United States Department of Agriculture's RD mortgage. This mortgage loan offers zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and loan officer can tell you 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 Huntington Woods Michigan is looking into state programs as in the Michigan State Housing Development Authority. Michigan State Housing Development Authority has services for down payment aide which can be collaborated along with Federal Housing Administration home loan financing. This financial aid can total $7,500 and doesn't require you to make any monthly payments nor does it collect interest but it absolutely must be paid back when you want to refinance or sell the house. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage amount along with your wages as it was designed to assist those having lower to moderate incomes.
Local or Federal GrantsThe final resource available on zero down home loans for first time home buyers in Huntington Woods Michigan is to look up any federal money offered to Huntington Woods for neighborhood rehabilitation programs. You could learn more regarding the resources that will be available in your area by contacting your townships community development representative which can be located in Google.
If you happen to be considering zero down home loans for first time home buyers in Huntington Woods Michigan call 248-674-6450 ASAP!