If you happen to be a 1st time buyer in Salem MI and you're looking for a 0 down payment mortgage, you'll notice you have several options. All of these opportunities have specific guidelines that must be met allowing you to put nothing down when mortgaging your first house. Below you will see a several opportunities available to you as a first time home buyer in Salem Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down home loan is the USDA's RD home loan. This home loan offers zero down but is subject to an up front mortgage insurance premium and it also has geographic and income restrictions. Call us at 248-674-6450 and we will inform you if the United States Department of Agriculture RD mortgage loan is best for you.
The Michigan USDA Rural Development LoanAnother consideration on 0 down home loans for 1st time home buyers in Salem Michigan is looking into state programs like the MSHDA. Michigan State Housing Development Authority has programs for down payment assistance that can be collaborated in conjunction with FHA mortgage lending. The financial aid can be $7,500 and doesn't make you to pay any monthly payments nor does it collect interest but it must be paid in full when you need to refinance or sell the home. There happen to be other restrictions to the MSHDA down payment assistance program like your loan total along with your wages as it is created to assist those having low to moderate salaries.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Salem Michigan is to inquire about any federal dollars assigned to Salem for neighborhood rehabilitation programs. You can find more regarding the programs that will be allowed in your county by contacting your countys community development office which could be located on the internet.
If you'd like more info on zero down home loans for first time home buyers in Salem Michigan call 248-674-6450 right now!