If you happen to be a 1st time home buyer in Oak Grove MI and you are interested in a zero down home loan, you'll be glad to know you have a few choices. All of these opportunities will have direct guidelines that should be followed if you want to put zero down when purchasing your first home. Below you will become aware of a couple opportunities available to first time home buyers in Oak Grove Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down payment mortgage is the United States Department of Agriculture's Rural Development mortgage. This mortgage financing requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call the pros at 248-674-6450 and we will inform you if the USDA RD home loan is best for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgage loans for first time home buyers in Oak Grove Michigan is looking into state programs like the MSHDA. MSHDA has services for down payment assistance which can be offered in conjunction with Federal Housing Administration mortgage lending. The assistance could total up to $7,500 and will not make you to pay any payment nor does it accrue interest but it has to be paid in full when you happen to refinance or sell the home. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program like your loan total along with your income as it was put in place to help buyers earning low to moderate wages.
Local or Federal GrantsThe last opportunity I have on zero down home loans for first time home buyers in Oak Grove Michigan is to check out any federal dollars designated to Oak Grove for neighborhood stabilization programs. You will observe more regarding the opportunities that will be allowed in your area by getting in touch with your towns community development representative which could be easily found in Google.
If you are looking into zero down home loans for first time home buyers in Oak Grove Michigan call 248-674-6450 today!