If you're a 1st time home buyer in Pleasant Ridge Michigan and you are interested in a zero down home loan, you will find you have three opportunities. Each one of these options have direct guidelines that have to be considered if you want to put zero as a down payment when financing your house. Below you will find a couple options available to first time buyers in Pleasant Ridge Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down home loan is the United States Department of Agriculture's Rural Development home loan. This mortgage loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call the pros at 248-674-6450 and mortgage broker will let you know if the USDA RD home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down home loans for first time home buyers in Pleasant Ridge Michigan is looking into state departments such as the MSHDA. Michigan State Housing Development Authority has programs for down payment assistance that could be collaborated in conjunction with Federal Housing Administration mortgage lending. This loan can total $7,500 and does not force you to send any payment nor will it collect interest but it absolutely must be paid back should you need to refinance or sell your home. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total and your household income as it was put in place to help buyers earning low to moderate incomes.
Local or Federal GrantsThe last option I have on zero down home loans for first time home buyers in Pleasant Ridge Michigan is to look into any federal money granted to Pleasant Ridge for neighborhood rehabilitation programs. You could find more in reference to the opportunities that could be offered in your town by contacting your townships community development municipality which will be searched on the web.
If you are considering zero down home loans for first time home buyers in Pleasant Ridge Michigan call 248-674-6450 ASAP!