If by chance you're a 1st time home buyer in Milford MI and you're leaning towards a zero down home loan, you will be glad to know you have a few options. All of these options provide strict guidelines that must be considered in order to allow you to put zero as a down payment when buying your first house. Below you will find a few opportunities available to first time home buyers in Milford MI.
The Michigan USDA Rural Development LoanThe 1st opportunity for a zero down mortgage is the USDA's RD mortgage. This mortgage loan allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income regulations. Call the pros at 248-674-6450 and loan officer can let you know if the United States Department of Agriculture RD mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgage loans for 1st time home buyers in Milford Michigan is checking out state departments like the Michigan State Housing Development Authority. MSHDA has services for down payment help that could be used in conjunction with Federal Housing Administration home loan financing. This financial aid can total up to $7,500 and does not force you to send any payment nor does it accrue interest but it must be paid in full when you want to refinance or sell your house. There will be other restrictions to the MSHDA down payment assistance program like your loan amount and your wages as it was created to assist buyers earning low to moderate wages.
Local or Federal GrantsThe final option available on zero down home loans for first time home buyers in Milford Michigan is to check out any federal money designated to Milford for neighborhood stabilization programs. You will learn more on the resources that will be available in your township by reaching out to your countys community development representative which could be located on the web.
If you happen to be considering zero down home loans for first time home buyers in Milford Michigan call 248-674-6450 right now!