If you happen to be a first time buyer in Novi MI and you're interested in a zero down payment home loan, you will notice you have three choices. All of these options provide specific guidelines that must be met if you want to put nothing down when purchasing your new home. Below you will find a list of options available to first time buyers in Novi MI.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down mortgage loan is the United States Department of Agriculture's Rural Development mortgage. This mortgage loan requires 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 Michigan Mortgage Solutions can tell you if the USDA Rural Development loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgage loans for first time home buyers in Novi Michigan is checking out state programs such as the MSHDA. Michigan State Housing Development Authority has opportunities for down payment aide which will be used along with FHA home loan financing. This loan could total $7,500 and doesn't require you to pay any payment nor will it accrue interest but it must be paid off if you need 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 mortgage amount and your gross income as it was put in place to assist people having lower to moderate salaries.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Novi Michigan is to inquire about any federal dollars assigned to Novi for neighborhood stabilization programs. You will find more regarding the options that are available in your township by reaching out to your areas community development office which will be searched online.
If you are considering zero down home loans for first time home buyers in Novi Michigan call 248-674-6450 today!