If you happen to be a 1st time buyer in Lakeland MI and you are leaning towards a zero down mortgage loan, you'll be glad to know you have three choices. Each one of these options provide specific guidelines that have to be met in order to allow you to put zero as a down payment when mortgaging your first home. Below you will become aware of a couple opportunities available to first time home buyers in Lakeland Michigan.
The Michigan USDA Rural Development LoanThe first opportunity for a zero down home loan is the USDA's RD home loan. This home loan 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 tell you if the USDA RD mortgage is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down home loans for 1st time home buyers in Lakeland Michigan is checking out state programs such as the MSHDA. Michigan State Housing Development Authority has opportunities for down payment help which could be collaborated in conjunction with FHA mortgage lending. This assistance could be as much as $7,500 and will not force you to make any monthly payments nor does it accrue interest but it must be paid back when you need to refinance or sell your home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage amount along with your total income as it is created to help people with low to moderate salaries.
Local or Federal GrantsThe final opportunity I know of on zero down home loans for first time home buyers in Lakeland Michigan is to look up any federal funding granted to Lakeland for neighborhood stabilization programs. You will find more about the opportunities that could be offered in your area by getting in touch with your citys community development municipality which can be searched on the internet.
If you are looking into zero down home loans for first time home buyers in Lakeland Michigan call 888-665-2630 right now!