If by chance you're a 1st time buyer in Macomb MI and you're leaning towards a 0 down home loan, you will find you have several options. All of these choices provide specific guidelines that must be met if you want to put zero down when mortgaging your house. Below you'll become aware of a several options available to first time home buyers in Macomb MI.
The Michigan USDA Rural Development LoanThe first option for a 0 down payment mortgage is the USDA's Rural Development mortgage. This home loan requires no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call the pros at 248-674-6450 and we'll tell you if the USDA RD mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in Macomb Michigan is looking into state programs like the Michigan State Housing Development Authority. MSHDA has services for down payment help which will be offered along with FHA mortgage lending. This financial aid could be $7,500 and does not require you to pay any monthly payments nor will it collect interest but it absolutely must be paid back should you want to refinance or sell your home. There will be other guidelines to the MSHDA down payment assistance program such as your mortgage amount and your gross income as it is put in place to assist people earning low to moderate salaries.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Macomb Michigan is to look into any federal dollars granted to Macomb for neighborhood stabilization programs. You could learn more regarding the opportunities that could be offered in your county by contacting your towns community development municipality which can be easily found online.
If you're interested in zero down home loans for first time home buyers in Macomb Michigan call 248-674-6450 today!