If by chance you're a 1st time home buyer in Wixom Michigan and you're looking for a zero down home loan, you'll find you have a few choices. Every one of these options will have specific guidelines that have to be followed allowing you to put nothing as a down payment when financing your first home. Below you will find a few options available to you as a first time home buyer in Wixom MI.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down payment home loan is the USDA's Rural Development mortgage. This home loan offers no down payment but is the beneficiary of an up front mortgage insurance premium and it also has income & geographic guidelines. Call us at 248-674-6450 and we can tell you if the United States Department of Agriculture Rural Development loan is best for you.
MSHDA Down Payment AssistanceAnother consideration on 0 down mortgages for 1st time home buyers in Wixom Michigan is checking out state programs such as the MSHDA. MSHDA has programs for down payment assistance which could be used in conjunction with FHA mortgage lending. The financial aid can total as much as $7,500 and does not force you to make any monthly payments nor does it charge interest but it must be paid off when you happen to refinance or sell the house. There are other restrictions to the MSHDA down payment assistance program such as your loan amount along with your household income as it is designed to help those having low to moderate wages.
Local or Federal GrantsThe final opportunity I know of on zero down home loans for first time home buyers in Wixom Michigan is to inquire about any federal funding designated to Wixom for neighborhood rehabilitation programs. You could find more on the opportunities that are available in your area by getting in touch with your citys community development office which could be located online.
If you happen to be thinking about zero down home loans for first time home buyers in Wixom Michigan call 248-674-6450 ASAP!