If you happen to be a first time buyer in Oxford Michigan and you're leaning towards a 0 down payment home loan, you'll be glad to know you have three opportunities. Each of these choices have direct guidelines that have to be met in order to allow you to put nothing down when financing your house. Below you'll find a several choices available to first time buyers in Oxford Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down payment mortgage loan is the USDA's Rural Development home loan. This home financing allows zero down but is subject to an up front mortgage insurance premium and it also has income & geographic regulations. Call us at 248-674-6450 and mortgage broker will inform you if the USDA Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on zero down home loans for 1st time home buyers in Oxford Michigan is working with state departments as in the MSHDA. MSHDA has opportunities for down payment help that can be used along with Federal Housing Administration mortgage financing. This loan can total $7,500 and doesn't require you to make any payment nor will it accrue interest but it must be paid off if you happen to refinance or sell your house. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program like your mortgage total along with your wages as it was designed to assist people with low to moderate incomes.
Local or Federal GrantsThe last option available on zero down home loans for first time home buyers in Oxford Michigan is to look up any federal dollars assigned to Oxford for neighborhood rehabilitation programs. You could observe more in reference to the resources that are offered in your county by getting in touch with your citys community development municipality which can be located on the web.
If you're interested in zero down home loans for first time home buyers in Oxford Michigan call 248-674-6450 today!