If by chance you're a first time home buyer in Southfield Michigan and you are leaning towards a zero down payment mortgage loan, you'll find you have a couple opportunities. All of these options will have direct guidelines that must be met if you want to put nothing down when buying your first house. Below you'll find a list of opportunities available to first time buyers in Southfield Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a zero down mortgage loan is the USDA's Rural Development mortgage. This mortgage loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call the pros at 248-674-6450 and loan officer can tell you if the United States Department of Agriculture RD mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on zero down mortgage loans for first time home buyers in Southfield Michigan is checking out state departments like the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment aide which will be collaborated along with Federal Housing Administration home loan lending. This loan can total $7,500 and does not force you to pay any monthly payments nor will it accrue interest but it has to be paid back when you want to refinance or sell the home. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your loan total and your wages as it is created to assist those with lower to moderate incomes.
Local or Federal GrantsThe last resource available on zero down home loans for first time home buyers in Southfield Michigan is to inquire about any federal money offered to Southfield for neighborhood rehabilitation programs. You will observe more regarding the options that are offered in your city by reaching out to your countys community development representative which will be found online.
If you're looking into zero down home loans for first time home buyers in Southfield Michigan call 248-674-6450 today!