If by chance you're a 1st time home buyer in Lake Orion MI and you are looking for a zero down mortgage, you'll be glad to know you have a few choices. Each of these options will have strict guidelines that must be considered if you want to put zero as a down payment when buying your new home. Below you will see a several options available to first time home buyers in Lake Orion Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down mortgage is the United States Department of Agriculture's RD home loan. This home financing requires no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call the pros at 248-674-6450 and loan officer can inform you if the United States Department of Agriculture Rural Development mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in Lake Orion Michigan is looking into state departments such as the MSHDA. MSHDA has programs for down payment help which could be used in conjunction with FHA home loan lending. This financial aid can be $7,500 and does not force you to pay any monthly payments nor does it collect interest but it absolutely must be paid in full if you need to refinance or sell the home. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program like your mortgage total and your wages as it was created to assist buyers earning lower to moderate wages.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Lake Orion Michigan is to inquire about any federal money designated to Lake Orion for neighborhood stabilization programs. You could learn more regarding the opportunities that are available in your city by reaching out to your countys community development office which will be located online.
If you're considering zero down home loans for first time home buyers in Lake Orion Michigan call 248-674-6450 now!