If by chance you're a 1st time buyer in Utica Michigan and you're interested in a 0 down home loan, you will notice you have several options. All of these opportunities provide specific guidelines that should be followed allowing you to put zero down when financing your first house. Below you will find a couple options available to you as a first time home buyer in Utica Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a 0 down mortgage is the USDA's Rural Development mortgage. This mortgage financing allows zero down but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and loan officer can let you know if the United States Department of Agriculture Rural Development loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to think about on 0 down home loans for first time home buyers in Utica Michigan is looking into state departments as in the Michigan State Housing Development Authority. MSDA has services for down payment aide that will be collaborated along with Federal Housing Administration home loan lending. This assistance could total up to $7,500 and will not make you to pay any payment nor does it accrue interest but it absolutely must be paid off should you need to refinance or sell your home. There will be other guidelines to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount and your wages as it is put in place to assist buyers with low to moderate salaries.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Utica Michigan is to inquire about any federal money offered to Utica for neighborhood stabilization programs. You will find more on the options that will be offered in your township by contacting your townships community development municipality which could be found in Google.
If you'd like more info on zero down home loans for first time home buyers in Utica Michigan call 248-674-6450 right now!