If you're a 1st time home buyer in Rochester Michigan and you're looking for a zero down payment mortgage, you will find you have a few choices. Each one of these opportunities will have direct guidelines that should be met in order to allow you to put nothing down when buying your new home. Below you will see a couple options available to you as a first time home buyer in Rochester Michigan.
The Michigan USDA Rural Development LoanThe first option for a zero down payment mortgage is the United States Department of Agriculture's RD mortgage loan. This home financing requires no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call us at 248-674-6450 and mortgage broker will tell you if the USDA RD mortgage is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgage loans for first time home buyers in Rochester Michigan is working with state departments such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment help that can be collaborated along with Federal Housing Administration home loan financing. The financial aid could be up to $7,500 and will not make you to send any monthly payments nor will it charge interest but it must be paid off when you need to refinance or sell the house. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total along with your total income as it is designed to help people earning low to moderate incomes.
Local or Federal GrantsThe final resource available on zero down home loans for first time home buyers in Rochester Michigan is to inquire about any federal funding offered to Rochester for neighborhood stabilization programs. You will learn more on the programs that could be allowed in your area by getting in touch with your countys community development municipality which could be located on the web.
If you are considering zero down home loans for first time home buyers in Rochester Michigan call 248-674-6450 now!