If you happen to be a first time home buyer in New Haven Michigan and you're interested in a 0 down payment home loan, you will notice you have a couple opportunities. Every one of these choices will have specific guidelines that should be met in order to allow you to put nothing as a down payment when purchasing your home. Below you will see a several choices available to first time home buyers in New Haven MI.
The Michigan USDA Rural Development LoanThe first option for a 0 down payment mortgage is the USDA's Rural Development home loan. This mortgage loan requires no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic regulations. Call the pros at 888-665-2630 and we will let you know if the United States Department of Agriculture Rural Development loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down home loans for first time home buyers in New Haven Michigan is working with state departments such as the Michigan State Housing Development Authority. MSHDA has programs for down payment help which will be used along with Federal Housing Administration mortgage lending. The loan could total up to $7,500 and doesn't make you to make any monthly payments nor does it collect interest but it has to be paid back when you want to refinance or sell your home. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan total along with your household income as it was put in place to help buyers with lower to moderate incomes.
Local or Federal GrantsThe last option I have on zero down home loans for first time home buyers in New Haven Michigan is to check out any federal funding assigned to New Haven for neighborhood rehabilitation programs. You can learn more in reference to the opportunities that will be offered in your area by reaching out to your areas community development municipality which can be searched on the web.
If you'd like more info on zero down home loans for first time home buyers in New Haven Michigan call 248-674-6450 right now!