If you're a first time buyer in New Hudson MI and you are interested in a 0 down mortgage loan, you'll find you have a couple choices. Each of these choices will have specific guidelines that have to be considered in order to allow you to put nothing as a down payment when purchasing your new home. Below you will notice a list of options available to first time home buyers in New Hudson MI.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down payment mortgage loan is the United States Department of Agriculture's RD mortgage loan. This mortgage loan offers zero down but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call the pros at 248-674-6450 and we'll let you know if the USDA RD mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgages for 1st time home buyers in New Hudson Michigan is checking out state departments such as the MSHDA. MSHDA has programs for down payment assistance that will be offered along with FHA home loan lending. This financial aid could be as much as $7,500 and does not make you to send any monthly payments nor will it charge interest but it absolutely must be paid off when you need to refinance or sell your home. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount and your household income as it was created to help buyers having low to moderate salaries.
Local or Federal GrantsThe last resource I have on zero down home loans for first time home buyers in New Hudson Michigan is to check out any federal money granted to New Hudson for neighborhood rehabilitation programs. You can learn more in reference to the opportunities that will be allowed in your town by contacting your countys community development office which could be easily found on the web.
If you're interested in zero down home loans for first time home buyers in New Hudson Michigan call 248-674-6450 right now!