If by chance you're a first time buyer in Ray MI and you are looking for a zero down payment mortgage loan, you will notice you have several options. Every one of these choices have strict guidelines that should be followed in order to allow you to put nothing down when mortgaging your first home. Below you'll notice a couple choices available to you as a first time home buyer in Ray MI.
The Michigan USDA Rural Development LoanThe first opportunity for a zero down home loan is the USDA's Rural Development home loan. This mortgage financing offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income regulations. Call the pros at 248-674-6450 and loan officer can inform you if the United States Department of Agriculture Rural Development mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down mortgages for first time home buyers in Ray Michigan is working with state departments as in the MSHDA. MSHDA has programs for down payment help which will be used in conjunction with Federal Housing Administration mortgage lending. This loan can total $7,500 and will not make you to send any payment nor does it accrue interest but it has to be paid in full should you want to refinance or sell the home. There will be other restrictions to the Michigan State Housing Development Authority down payment assistance program like your mortgage total along with your total income as it is created to assist buyers with lower to moderate wages.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Ray Michigan is to look up any federal funding assigned to Ray for
neighborhood rehabilitation programs. You will observe more about the options that are allowed in your county by contacting your townships community development office which could be easily found on the internet.
If you'd like more info on zero down home loans for first time home buyers in Ray Michigan call 248-674-6450 right now!