If you happen to be a 1st time home buyer in Washington Michigan and you're looking for a zero down payment mortgage, you will find you have three options. Each of these options provide strict guidelines that should be met allowing you to put zero down when mortgaging your house. Below you will find a several opportunities available to first time buyers in Washington MI.
The Michigan USDA Rural Development LoanThe first opportunity for a 0 down payment home loan is the United States Department of Agriculture's Rural Development home loan. This mortgage loan requires zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income restrictions. Call the pros at 248-674-6450 and Michigan Mortgage Solutions can inform you if the United States Department of Agriculture RD mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down home loans for first time home buyers in Washington Michigan is checking out state programs like the MSHDA. Michigan State Housing Development Authority has services for down payment assistance which will be collaborated in conjunction with Federal Housing Administration home loan financing. This loan could be as much as $7,500 and doesn't require you to pay any monthly payments nor will it charge interest but it must be paid off if you happen to refinance or sell your house. There are other guidelines to the MSHDA down payment assistance program like your mortgage total along with your household income as it is put in place to assist people earning low to moderate incomes.
Local or Federal GrantsThe last option available on zero down home loans for first time home buyers in Washington Michigan is to look into any federal money granted to Washington for
neighborhood rehabilitation programs. You could observe more on the resources that are available in your town by reaching out to your towns community development representative which will be easily found on the web.
If you'd like more info on zero down home loans for first time home buyers in Washington Michigan call 248-674-6450 right now!