If by chance you're a first time home buyer in Keego Harbor MI and you're interested in a 0 down home loan, you'll notice you have a few options. All of these opportunities will have direct guidelines that have to be met if you want to put nothing down when mortgaging your first place. Below you will see a several options available to you as a first time home buyer in Keego Harbor Michigan.
The Michigan USDA Rural Development LoanThe first opportunity for a 0 down payment mortgage is the USDA's Rural Development home loan. This home loan requires no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call us at 248-674-6450 and Michigan Mortgage Solutions can tell you if the USDA RD home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down home loans for first time home buyers in Keego Harbor Michigan is checking out state departments like the Michigan State Housing Development Authority. MSHDA has programs for down payment aide which can be offered along with FHA loan lending. The loan could total $7,500 and doesn't force you to make any monthly payments nor does it accrue interest but it has to be paid in full if you happen to refinance or sell the home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount along with your income as it was designed to assist people having lower to moderate wages.
Local or Federal GrantsThe last resource available on zero down home loans for first time home buyers in Keego Harbor Michigan is to look up any federal funding offered to Keego Harbor for neighborhood stabilization programs. You will learn more in reference to the opportunities that may be allowed in your area by getting in touch with your towns community development office which can be found online.
If you're looking into zero down home loans for first time home buyers in Keego Harbor Michigan call 248-674-6450 right now!