If you happen to be a 1st time home buyer in Manchester Michigan and you are looking for a zero down payment mortgage, you'll find you have three choices. Each one of these options will have direct guidelines that must be followed allowing you to put zero down when buying your house. Below you'll find a several options available to first time home buyers in Manchester Michigan.
The Michigan USDA Rural Development LoanThe first choice for a 0 down mortgage is the United States Department of Agriculture's Rural Development home loan. This mortgage financing allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call the pros at 248-674-6450 and Michigan Mortgage Solutions can inform you if the USDA Rural Development mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down mortgages for first time home buyers in Manchester Michigan is working with state departments like the MSHDA. MSHDA has programs for down payment assistance that could be used along with FHA loan lending. The financial aid can be up to $7,500 and will not force you to pay any payment nor does it accrue interest but it has to be paid back should you need to refinance or sell your home. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your income as it is designed to help buyers having low to moderate salaries.
Local or Federal GrantsThe last option I have on zero down home loans for first time home buyers in Manchester Michigan is to look into any federal dollars granted to Manchester for neighborhood rehabilitation programs. You will find more regarding the opportunities that could be offered in your city by reaching out to your county's community development representative which will be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Manchester Michigan call 248-674-6450 right now!