If you're a first time home buyer in Union Lake MI and you're looking for a zero down home loan, you will be glad to know you have a few options. Each of these options provide specific guidelines that must be considered allowing you to put nothing as a down payment when buying your new house. Below you will find a couple opportunities available to you as a first time home buyer in Union Lake MI.
The Michigan USDA Rural Development LoanThe 1st choice for a 0 down mortgage is the United States Department of Agriculture's RD home loan. This mortgage loan allows no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call us at 248-674-6450 and we'll let you know if the United States Department of Agriculture Rural Development mortgage loan is a good fit for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for first time home buyers in Union Lake Michigan is working with state programs like the Michigan State Housing Development Authority. Michigan State Housing Development Authority has services for down payment aide that will be offered along with FHA home loan lending. This loan can total as much as $7,500 and doesn't make you to pay any payment nor does it charge interest but it must be paid back if you happen to refinance or sell your house. There will be other rules to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount along with your income as it is created to assist those with low to moderate wages.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Union Lake Michigan is to look into any federal money designated to Union Lake for neighborhood rehabilitation programs. You can observe more about the resources that will be offered in your township by contacting your areas community development office which will be located online.
If you happen to be interested in zero down home loans for first time home buyers in Union Lake Michigan call 248-674-6450 now!