If you're a first time buyer in Leonard Michigan and you are leaning towards a zero down payment mortgage loan, you will notice you have a few choices. All of these options will have specific guidelines that must be met if you want to put zero down when financing your first home. Below you'll find a few options available to first time buyers in Leonard MI.
The Michigan USDA Rural Development LoanThe first opportunity for a 0 down payment home loan is the USDA's Rural Development 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 restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and loan officer can let you know if the USDA RD loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on zero down home loans for 1st time home buyers in Leonard Michigan is working with state departments such as the MSHDA. Michigan State Housing Development Authority has services for down payment help that can be used along with Federal Housing Administration loan lending. The loan could be up to $7,500 and does not make you to pay any payment nor does it collect interest but it absolutely must be paid in full if you want to refinance or sell the home. There will be other guidelines to the MSHDA down payment assistance program such as your loan amount along with your total income as it is put in place to assist buyers with low to moderate incomes.
Local or Federal GrantsThe last opportunity I know of on zero down home loans for first time home buyers in Leonard Michigan is to look into any federal funding assigned to Leonard for neighborhood stabilization programs. You could observe more regarding the resources that may be allowed in your township by contacting your countys community development municipality which could be located on the internet.
If you're thinking about zero down home loans for first time home buyers in Leonard Michigan call 248-674-6450 ASAP!