If by chance you're a first time buyer in Walled Lake MI and you are interested in a zero down payment home loan, you'll be glad to know you have a couple choices. Every one of these options provide strict guidelines that must be met in order to allow you to put zero down when buying your home. Below you'll find a several options available to first time buyers in Walled Lake MI.
The Michigan USDA Rural Development LoanThe 1st option for a zero down payment home loan is the United States Department of Agriculture's RD mortgage. This mortgage financing requires zero down but is subject to an up front mortgage insurance premium and it also has income & geographic restrictions. Call us at 248-674-6450 and we'll inform you if the USDA Rural Development mortgage loan is best for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down mortgages for first time home buyers in Walled Lake Michigan is working with state programs such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment aide that will be used in conjunction with Federal Housing Administration loan financing. The financial aid could total $7,500 and does not make you to make any monthly payments nor will it charge interest but it absolutely must be paid back should you happen to refinance or sell your home. There happen to be other restrictions to the Michigan State Housing Development Authority down payment assistance program like your loan total along with your income as it is created to assist buyers with lower to moderate wages.
Local or Federal GrantsThe last resource available on zero down home loans for first time home buyers in Walled Lake Michigan is to look into any federal money granted to Walled Lake for neighborhood rehabilitation programs. You could find more on the programs that will be offered in your area by getting in touch with your towns community development representative which will be located online.
If you are interested in zero down home loans for first time home buyers in Walled Lake Michigan call 248-674-6450 today!