If you happen to be a first time buyer in White Lake Michigan and you are looking for a zero down payment mortgage loan, you'll find you have a couple options. Each of these choices will have direct guidelines that must be met allowing you to put zero as a down payment when mortgaging your house. Below you'll find a few opportunities available to first time buyers in White Lake MI.
The Michigan USDA Rural Development LoanThe first choice for a zero down home loan is the United States Department of Agriculture's RD mortgage. This mortgage loan allows zero down but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call us at 248-674-6450 and a mortgage consultant will tell you if the United States Department of Agriculture Rural Development loan is best for you.
MSHDA Down Payment AssistanceAnother thing to consider on 0 down mortgages for 1st time home buyers in White Lake Michigan is looking into state departments as in the MSHDA. Michigan State Housing Development Authority has services for down payment aide that could be offered in conjunction with Federal Housing Administration home loan lending. The loan can be $7,500 and does not make you to pay any payment nor does it accrue interest but it must be paid in full should you happen to refinance or sell your home. There happen to be other guidelines to the Michigan State Housing Development Authority down payment assistance program such as your loan total along with your gross income as it was created to help people earning lower to moderate salaries.
Local or Federal GrantsThe last resource I have on zero down home loans for first time home buyers in White Lake Michigan is to check out any federal dollars assigned to White Lake for neighborhood rehabilitation programs. You will observe more regarding the opportunities that may be available in your city by contacting your towns community development representative which could be located online.
If you happen to be thinking about zero down home loans for first time home buyers in White Lake Michigan call 248-674-6450 right now!