If by chance you're a 1st time buyer in Lakeville Michigan and you are leaning towards a zero down payment home loan, you'll notice you have a couple opportunities. All of these opportunities have direct guidelines that should be met if you want to put zero as a down payment when purchasing your house. Below you'll find a several choices available to first time home buyers in Lakeville Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down mortgage is the United States Department of Agriculture's RD mortgage. This mortgage loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call us at 248-674-6450 and Michigan Mortgage Solutions can let you know if the USDA RD home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down mortgages for first time home buyers in Lakeville Michigan is checking out state departments like the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment help that can be collaborated along with FHA loan financing. The loan can be up to $7,500 and will not force you to send any payment nor will it accrue interest but it must be paid in full if you need to refinance or sell the house. There are other rules to the MSHDA down payment assistance program such as your mortgage total along with your income as it is designed to assist buyers having low to moderate salaries.
Local or Federal GrantsThe final option available on zero down home loans for first time home buyers in Lakeville Michigan is to inquire about any federal funding offered to Lakeville for neighborhood rehabilitation programs. You could observe more regarding the programs that could be offered in your city by getting in touch with your areas community development representative which could be found in Google.
If you happen to be thinking about zero down home loans for first time home buyers in Lakeville Michigan call 248-674-6450 today!