If you happen to be a first time home buyer in Whittaker MI and you're looking for a 0 down home loan, you'll notice you have a few choices. Each of these choices provide specific guidelines that must be followed in order to allow you to put nothing down when buying your first home. Below you will find a several choices available to you as a first time home buyer in Whittaker MI.
The Michigan USDA Rural Development LoanThe first choice for a 0 down home loan is the USDA's Rural Development mortgage loan. This mortgage loan allows zero down but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic restrictions. Call the pros at 248-674-6450 and we will tell you if the United States Department of Agriculture Rural Development mortgage loan will work for you.
MSHDA Down Payment AssistanceAnother thing to think about on zero down mortgages for 1st time home buyers in Whittaker Michigan is checking out state programs such as the MSHDA. MSHDA has programs for down payment aide which will be collaborated along with FHA loan financing. The financial aid can total as much as $7,500 and doesn't force you to send any payment nor does it collect interest but it has to be paid back should you need to refinance or sell your house. There will be other rules to the Michigan State Housing Development Authority down payment assistance program such as your mortgage total and your wages as it was put in place to help those earning lower to moderate wages.
Local or Federal GrantsThe final option I know of on zero down home loans for first time home buyers in Whittaker Michigan is to inquire about any federal dollars granted to Whittaker for neighborhood stabilization programs. You could learn more regarding the opportunities that may be allowed in your area by contacting your citys community development municipality which can be located in Google.
If you'd like more info on zero down home loans for first time home buyers in Whittaker Michigan call 248-674-6450 right now!