If by chance you're a 1st time buyer in Richmond Michigan and you are leaning towards a zero down home loan, you will be glad to know you have a couple options. Every one of these options provide direct guidelines that have to be considered if you want to put nothing down when buying your first home. Below you'll see a few options available to first time home buyers in Richmond Michigan.
The Michigan USDA Rural Development LoanThe 1st option for a 0 down payment mortgage loan is the USDA's RD home loan. This home loan offers no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call us at 888-665-2630 and we'll let you know if the United States Department of Agriculture Rural Development home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down home loans for 1st time home buyers in Richmond Michigan is looking into state programs such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has opportunities for down payment help which will be collaborated along with Federal Housing Administration home loan financing. The loan could be up to $7,500 and will not force you to make any monthly payments nor does it accrue interest but it must be paid off should you want to refinance or sell the house. There happen to be other guidelines to the Michigan State Housing Development Authority down payment assistance program like your mortgage total and your total income as it was put in place to help those earning low to moderate salaries.
Local or Federal GrantsThe last opportunity available on zero down home loans for first time home buyers in Richmond Michigan is to inquire about any federal funding designated to Richmond for neighborhood stabilization programs. You could learn more about the programs that will be offered in your area by reaching out to your city's community development office which will be easily found on the internet.
If you'd like more info on zero down home loans for first time home buyers in Richmond Michigan call 248-674-6450 right now!