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BUYING A HOME IN NOVI MI WITH LITTLE OR NO MONEY DOWN IN 2020
Buying a Home in Novi MI with Little or No Money Down in 2020 – For many first-time homebuyers, coming up with the down payment can be one of the biggest hurdles to buying a home in Novi MI. Even in a modest market, a traditional 20% down payment can easily amount to tens of thousands of dollars. The good news for homebuyers, with limited cash-on-hand for a down payment, is that there is a bevy of mortgage programs requiring little or no money down that are available to the general public. 
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It’s actually a common misconception that “20% down” is required to buy a home. In today’s U.S. market it’s possible to buy a home with little or zero money down. FHA loans (3.5% down), USDA loans (0% down), VA loans (0% down),  HomeReady™ Mortgage (3% down), and Conventional 97 loan (3% down) offer no or low down payment options with a little as 3% down. Mortgage insurance premiums typically accompany low and no down payment mortgages, but not always.
Let’s unpack the no or low-money-down loan programs listed above and see if one is the right fit for you:  
FHA LOANSThe FHA doesn’t actually make loans, it’s an insurer of ... more

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