If you're a 1st time home buyer in Ypsilanti MI and you are looking for a zero down payment mortgage, you'll be glad to know you have three options. All of these choices will have specific guidelines that have to be followed allowing you to put nothing down when financing your house. Below you'll find a couple opportunities available to first time buyers in Ypsilanti Michigan.
The Michigan USDA Rural Development LoanThe 1st choice for a zero down payment mortgage loan is the United States Department of Agriculture's RD mortgage. This mortgage loan requires no down payment but is subject to an up front mortgage insurance premium and it also has income & geographic guidelines. Call Michigan Mortgage Solutions at 248-674-6450 and mortgage broker will let you know 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 first time home buyers in Ypsilanti Michigan is looking into state departments such as the MSHDA. Michigan State Housing Development Authority has services for down payment help that will be collaborated along with FHA mortgage lending. The assistance can total $7,500 and does not make you to send any monthly payments nor does it collect interest but it absolutely must be paid off should you happen to refinance or sell the home. There will be other rules to the Michigan State Housing Development Authority down payment assistance program like your mortgage amount and your gross income as it is put in place to help people earning low to moderate wages.
Local or Federal GrantsThe final resource I know of on zero down home loans for first time home buyers in Ypsilanti Michigan is to look up any federal funding granted to Ypsilanti for neighborhood stabilization programs. You can learn more about the options that will be available in your town by contacting your countys community development office which could be located in Google.
If you'd like more info on zero down home loans for first time home buyers in Ypsilanti Michigan call 248-674-6450 right now!