If you happen to be a first time buyer in Mount Clemens MI and you're interested in a 0 down payment mortgage loan, you will be glad to know you have three opportunities. Each of these opportunities have strict guidelines that must be met in order to allow you to put nothing as a down payment when purchasing your first place. Below you'll find a few opportunities available to first time home buyers in Mount Clemens Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a 0 down home loan is the USDA's RD mortgage loan. This mortgage financing requires zero down but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call us at 888-665-2630 and we can inform you if the USDA Rural Development mortgage is best for you.
MSHDA Down Payment AssistanceAnother consideration on zero down home loans for first time home buyers in Mount Clemens Michigan is working with state departments like the MSHDA. MSHDA has services for down payment assistance which could be used in conjunction with FHA mortgage lending. The loan could be as much as $7,500 and will not force you to pay any monthly payments nor will it charge interest but it has to be paid in full if you happen to refinance or sell the home. There are other guidelines to the MSHDA down payment assistance program such as your loan total along with your wages as it was put in place to help people with low to moderate salaries.
Local or Federal GrantsThe last opportunity I know of on zero down home loans for first time home buyers in Mount Clemens Michigan is to inquire about any federal money granted to Mount Clemens for neighborhood rehabilitation programs. You will learn more about the opportunities that will be available in your city by getting in touch with your townships community development representative which could be found on the web.
If you'd like more info on zero down home loans for first time home buyers in Mount Clemens Michigan call 248-674-6450 right now!