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Zero Down Home Loans For First Time Buyers in Novi

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 Loan

The 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 Assistance

Another 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 Grants

The 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!

Accurate Mortgage Payment Calculations on The Go
Our mortgage app allows borrowers to calculate mortgage payments using up to date mortgage rates as well as accurate mortgage insurance premiums based on product and credit score

Designed with ease of use and accuracy in mind

Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.

Buit-in convenience within the admin area

The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.

Install on your phone for easy access 24/7

Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you'll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.

All mortgage calculations are saved

You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.

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