If you happen to be a first time home buyer in Ortonville MI and you are interested in a 0 down payment mortgage, you will find you have three opportunities. Each one of these opportunities will have strict guidelines that must be followed if you want to put nothing down when purchasing your first home. Below you will become aware of a several choices available to you as a first time home buyer in Ortonville Michigan.
The Michigan USDA Rural Development LoanThe first option for a 0 down home loan is the USDA's Rural Development mortgage loan. This home financing allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income regulations. Call Michigan Mortgage Solutions at 248-674-6450 and we will let you know if the USDA Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in Ortonville Michigan is working with state programs like the Michigan State Housing Development Authority. MSHDA has services for down payment aide which can be used in conjunction with Federal Housing Administration mortgage financing. This loan could be as much as $7,500 and will not force you to send any monthly payments nor will it charge interest but it must be paid back should you need to refinance or sell your house. There are other guidelines to the Michigan State Housing Development Authority down payment assistance program like your loan total and your gross income as it is designed to assist people with lower to moderate incomes.
Local or Federal GrantsThe final resource available on zero down home loans for first time home buyers in Ortonville Michigan is to look into any federal funding assigned to Ortonville for neighborhood rehabilitation programs. You can learn more in reference to the programs that could be offered in your area by contacting your towns community development office which can be located in Google.
If you happen to be interested in zero down home loans for first time home buyers in Ortonville Michigan call 248-674-6450 now!