If you happen to be a 1st time home buyer in Troy MI and you are looking for a 0 down payment mortgage loan, you will be glad to know you have a few choices. All of these options provide specific guidelines that should be followed if you want to put zero as a down payment when financing your first home. Below you will find a several choices available to first time buyers in Troy Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down payment mortgage is the United States Department of Agriculture's RD mortgage. This home loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call the pros at 248-674-6450 and Michigan Mortgage Solutions can let you know if the USDA RD mortgage is a good fit for you.
MSHDA Down Payment Assistancenother thing to consider on zero down home loans for 1st time home buyers in Troy Michigan is looking into state departments like the MSHDA. MSHDA has opportunities for down payment help that could be collaborated in conjunction with FHA home loan financing. This loan can total up to $7,500 and will not force you to pay any monthly payments nor does it collect interest but it has to be paid back should you need to refinance or sell the home. There will be other guidelines to the MSHDA down payment assistance program such as your mortgage total and your gross income as it is put in place to assist people with lower to moderate wages.
Local or Federal GrantsThe final option I have on zero down home loans for first time home buyers in Troy Michigan is to look up any federal funding offered to Troy for neighborhood stabilization programs. You can learn more regarding the resources that are offered in your area by contacting your townships community development office which could be located in Google.
If you happen to be considering zero down home loans for first time home buyers in Troy Michigan call 248-674-6450 now!