If you're a first time home buyer in Waterford MI and you are looking for a 0 down mortgage, you'll find you have several options. Every one of these opportunities have specific guidelines that must be considered in order to allow you to put zero as a down payment when mortgaging your first house. Below you will see a few choices available to first time buyers in Waterford MI.
The Michigan USDA Rural Development LoanThe 1st option for a zero down payment mortgage is the United States Department of Agriculture's Rural Development mortgage. This mortgage loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic regulations. Call Michigan Mortgage Solutions at 248-674-6450 and we'll tell you if the United States Department of Agriculture RD home loan is a good fit for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgage loans for first time home buyers in Waterford Michigan is checking out state departments such as the Michigan State Housing Development Authority. Michigan State Housing Development Authority has programs for down payment assistance that will be used in conjunction with Federal Housing Administration home loan financing. This loan could total up to $7,500 and does not make you to send any payment nor will it accrue interest but it must be paid off if you want to refinance or sell your house. There happen to be other rules to the MSHDA down payment assistance program such as your mortgage amount and your gross income as it was designed to help those earning low to moderate wages.
Local or Federal GrantsThe last option I know of on zero down home loans for first time home buyers in Waterford Michigan is to look up any federal money designated to Waterford for neighborhood stabilization programs. You could observe more on the opportunities that may be allowed in your town by contacting your townships community development representative which can be easily found on the internet.
If you're considering zero down home loans for first time home buyers in Waterford Michigan call 248-674-6450 now!