If by chance you're a first time buyer in South Lyon Michigan and you're leaning towards a zero down mortgage loan, you'll be glad to know you have a couple choices. Each of these choices provide strict guidelines that have to be met in order to allow you to put nothing down when purchasing your new home. Below you'll notice a few choices available to first time buyers in South Lyon MI.
The Michigan USDA Rural Development LoanThe first option for a zero down mortgage loan is the USDA's RD home loan. This home loan allows zero down but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and we'll tell you if the USDA RD loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down home loans for 1st time home buyers in South Lyon Michigan is checking out state departments such as the MSHDA. MSHDA has services for down payment aide which will be offered along with Federal Housing Administration mortgage financing. The financial aid could total as much as $7,500 and doesn't make you to pay any monthly payments nor does it charge interest but it has to be paid back when you happen to refinance or sell the house. There will be other guidelines to the Michigan State Housing Development Authority down payment assistance program such as your loan amount and your income as it is created to assist buyers earning lower to moderate wages.
Local or Federal GrantsThe final option I have on zero down home loans for first time home buyers in South Lyon Michigan is to look up any federal dollars assigned to South Lyon for neighborhood rehabilitation programs. You will learn more regarding the resources that may be allowed in your town by contacting your citys community development municipality which will be searched on the internet.
If you happen to be thinking about zero down home loans for first time home buyers in South Lyon Michigan call 248-674-6450 ASAP!