If you happen to be a first time home buyer in New Baltimore Michigan and you are interested in a 0 down mortgage loan, you will find you have three opportunities. Each one of these choices provide direct guidelines that should be followed if you want to put zero as a down payment when financing your first house. Below you will become aware of a couple choices available to first time home buyers in New Baltimore Michigan.
The Michigan USDA Rural Development LoanThe first choice for a 0 down home loan is the USDA's Rural Development mortgage. This home financing allows no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call the pros at 248-674-6450 and we'll let you know if the USDA Rural Development home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down mortgage loans for first time home buyers in New Baltimore Michigan is working with state programs like the MSHDA. Michigan State Housing Development Authority has opportunities for down payment aide that will be used in conjunction with Federal Housing Administration loan lending. This financial aid could be up to $7,500 and does not require you to send any payment nor will it charge interest but it absolutely must be paid off should you need to refinance or sell the home. There happen to be other guidelines to the Michigan State Housing Development Authority down payment assistance program such as your loan total and your household income as it is created to help buyers having low to moderate salaries.
Local or Federal GrantsThe last resource available on zero down home loans for first time home buyers in New Baltimore Michigan is to inquire about any federal money granted to New Baltimore for neighborhood stabilization programs. You will find more regarding the resources that may be offered in your town by getting in touch with your towns community development office which can be easily found in Google.
If you'd like more info on zero down home loans for first time home buyers in New Baltimore Michigan call 248-674-6450 right now!