If by chance you're a 1st time buyer in Madison Heights MI and you are looking for a zero down payment home loan, you'll find you have three options. Every one of these choices have strict guidelines that must be considered if you want to put zero down when buying your home. Below you'll see a list of options available to you as a first time home buyer in Madison Heights Michigan.
The Michigan USDA Rural Development LoanThe 1st option for a zero down payment mortgage is the USDA's RD mortgage loan. This mortgage financing allows zero down 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 inform you if the USDA RD mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgages for 1st time home buyers in Madison Heights Michigan is looking into state programs like the Michigan State Housing Development Authority. Michigan State Housing Development Authority has services for down payment assistance that will be offered along with FHA mortgage lending. This assistance can total up to $7,500 and will not make you to pay any monthly payments nor will it charge interest but it has to be paid back if you happen to refinance or sell your home. There will be other rules to the MSHDA down payment assistance program like your loan total along with your gross income as it was designed to help those earning low to moderate incomes.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Madison Heights Michigan is to look into any federal money assigned to Madison Heights for neighborhood rehabilitation programs. You will learn more on the resources that may be allowed in your county by reaching out to your countys community development representative which can be searched online.
If you happen to be interested in zero down home loans for first time home buyers in Madison Heights Michigan call 248-674-6450 ASAP!