If by chance you're a 1st time home buyer in Oakland MI and you're leaning towards a zero down payment home loan, you will notice you have a couple opportunities. All of these options will have strict guidelines that have to be considered allowing you to put nothing as a down payment when buying your house. Below you will notice a several choices available to you as a first time home buyer in Oakland Michigan.
The Michigan USDA Rural Development LoanThe first option for a zero down home loan is the USDA's Rural Development mortgage loan. This mortgage financing allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and Michigan Mortgage Solutions can tell you if the USDA Rural Development mortgage is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for 1st time home buyers in Oakland Michigan is looking into state programs as in the Michigan State Housing Development Authority. Michigan State Housing Development Authority has opportunities for down payment aide that could be offered along with Federal Housing Administration mortgage lending. This loan can be $7,500 and does not force you to send any payment nor will it collect interest but it absolutely must be paid in full if you need to refinance or sell your house. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total along with your wages as it was put in place to help people having lower to moderate wages.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Oakland Michigan is to look into any federal funding granted to Oakland for neighborhood rehabilitation programs. You can observe more about the opportunities that will be offered in your area by getting in touch with your countys community development municipality which could be found on the internet.
If you are interested in zero down home loans for first time home buyers in Oakland Michigan call 248-674-6450 ASAP!