If you happen to be a first time buyer in West Bloomfield Michigan and you are looking for a 0 down home loan, you will be glad to know you have a couple options. All of these choices will have strict guidelines that must be followed in order to allow you to put nothing down when buying your new home. Below you'll become aware of a couple opportunities available to you as a first time home buyer in West Bloomfield Michigan.
The Michigan USDA Rural Development LoanThe 1st opportunity for a zero down payment mortgage loan is the USDA's Rural Development mortgage. This mortgage financing allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has geographic and income guidelines. Call us at 248-674-6450 and a mortgage consultant will let you know if the USDA RD home loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgage loans for 1st time home buyers in West Bloomfield Michigan is working with state programs such as the Michigan State Housing Development Authority. MSHDA has opportunities for down payment assistance which could be used along with Federal Housing Administration loan lending. This loan could total $7,500 and does not require you to send any monthly payments nor does it accrue interest but it absolutely must be paid in full if you need to refinance or sell your home. There are other restrictions to the Michigan State Housing Development Authority down payment assistance program such as your mortgage amount and your household income as it was put in place to assist people earning low to moderate wages.
Local or Federal GrantsThe last option available on zero down home loans for first time home buyers in West Bloomfield Michigan is to look into any federal funding offered to West Bloomfield for neighborhood rehabilitation programs. You can learn more in reference to the opportunities that are allowed in your area by contacting your areas community development representative which could be searched on the internet.
If you're thinking about zero down home loans for first time home buyers in West Bloomfield Michigan call 248-674-6450 today!