If by chance you're a 1st time buyer in Saint Clair Shores MI and you're interested in a 0 down mortgage, you will find you have a few opportunities. Every one of these options have specific guidelines that should be met in order to allow you to put nothing down when financing your new house. Below you'll become aware of a several options available to first time buyers in Saint Clair Shores Michigan.
The Michigan USDA Rural Development LoanThe 1st option for a zero down home loan is the USDA's RD mortgage. This mortgage financing offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call the pros at 888-665-2630 and we will inform you if the USDA Rural Development home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgages for first time home buyers in Saint Clair Shores Michigan is checking out state programs as in the Michigan State Housing Development Authority. MSDA has programs for down payment assistance which can be used along with Federal Housing Administration loan financing. The financial aid can be up to $7,500 and doesn't require you to send any payment nor does it collect interest but it has to be paid back when you need to refinance or sell your house. There are other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total along with your income as it is created to help those earning lower to moderate incomes.
Local or Federal GrantsThe final opportunity I know of on zero down home loans for first time home buyers in Saint Clair Shores Michigan is to look into any federal funding offered to Saint Clair Shores for neighborhood stabilization programs. You can find more regarding the options that are offered in your town by contacting your areas community development office which could be found on the web.
If you'd like more info on zero down home loans for first time home buyers in Saint Clair Shores Michigan call 248-674-6450 right now!