If you're a first time buyer in Sterling Heights MI and you are interested in a 0 down payment home loan, you will notice you have three opportunities. Each one of these options will have direct guidelines that have to be followed allowing you to put nothing down when buying your new house. Below you will notice a couple options available to you as a first time home buyer in Sterling Heights Michigan.
The Michigan USDA Rural Development LoanThe first choice for a 0 down payment mortgage is the USDA's Rural Development mortgage. This mortgage loan requires no down payment 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 mortgage broker will inform you if the USDA Rural Development home loan is best for you.
MSHDA Down Payment Assistance
Another thing to consider on 0 down mortgage loans for first time home buyers in Sterling Heights Michigan is looking into state departments such as the MSHDA. MSHDA has services for down payment help that can be used along with FHA loan financing. The loan can total as much as $7,500 and does not force you to make any payment nor will it accrue interest but it has to be paid off if you want to refinance or sell your house. There happen to be other rules to the Michigan State Housing Development Authority down payment assistance program such as your loan total along with your household income as it was created to help those earning lower to moderate incomes.
Local or Federal GrantsThe last resource I know of on zero down home loans for first time home buyers in Sterling Heights Michigan is to look into any federal money designated to Sterling Heights for neighborhood stabilization programs. You could observe more about the programs that could be offered in your city by reaching out to your townships community development representative which can be searched on the web.
If you'd like more info on zero down home loans for first time home buyers in Sterling Heights Michigan call 248-674-6450 right now!