If you happen to be a first time buyer in Whitmore Lake Michigan and you are leaning towards a 0 down home loan, you will be glad to know you have several opportunities. Each one of these options provide direct guidelines that should be met in order to allow you to put nothing down when financing your first place. Below you'll become aware of a several opportunities available to you as a first time home buyer in Whitmore Lake MI.
The Michigan USDA Rural Development LoanThe first option for a 0 down mortgage loan is the United States Department of Agriculture's RD mortgage loan. This home financing offers zero down but is subject to an up front mortgage insurance premium and it also has geographic and income guidelines. Call us at 888-665-2630 and mortgage broker will inform you if the United States Department of Agriculture RD home loan will work for you.
MSHDA Down Payment AssistanceAnother thing to consider on zero down mortgage loans for 1st time home buyers in Whitmore Lake Michigan is looking into state departments such as the MSHDA. Michigan State Housing Development Authority has programs for down payment aide that could be used along with FHA mortgage lending. This assistance can total up to $7,500 and does not make you to send any monthly payments nor will it collect interest but it has to be paid in full should 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 total along with your gross income as it is put in place to assist buyers with lower to moderate salaries.
Local or Federal GrantsThe final option I have on zero down home loans for first time home buyers in Whitmore Lake Michigan is to look up any federal dollars designated to Whitmore Lake for neighborhood rehabilitation programs. You can observe more in reference to the programs that are available in your city by reaching out to your citys community development office which will be located in Google.
If you'd like more info on zero down home loans for first time home buyers in Whitmore Lake Michigan call 248-674-6450 right now!