If by chance you're a 1st time buyer in Saline MI and you are leaning towards a 0 down payment home loan, you will notice you have a few choices. Every one of these choices provide specific guidelines that should be considered if you want to put zero down when mortgaging your first home. Below you'll become aware of a few options available to first time buyers in Saline Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a 0 down mortgage loan is the United States Department of Agriculture's Rural Development mortgage. This home loan allows no down payment but is subject to an up front mortgage insurance premium and it also has geographic and income restrictions. Call Michigan Mortgage Solutions at 248-674-6450 and we will inform you if the USDA RD loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgage loans for first time home buyers in Saline Michigan is checking out state programs such as the MSHDA. MSHDA has services for down payment aide that can be used along with Federal Housing Administration mortgage lending. This loan can be up to $7,500 and doesn't force you to pay any payment nor will it collect interest but it must be paid in full when you need to refinance or sell your house. There are other rules to the MSHDA down payment assistance program like your loan total and your income as it is created to help people having lower to moderate salaries.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Saline Michigan is to look up any federal funding assigned to Saline for neighborhood stabilization programs. You can learn more regarding the opportunities that could be offered in your city by reaching out to your towns community development municipality which will be easily found online.
If you'd like more info on zero down home loans for first time home buyers in Saline Michigan call 248-674-6450 right now!