One of the largest purchases we ever make is buying a home. Down payments are a way to reduce the debt on that house up front and increase the part you own of that home, that is called equity.
For example, in parts of Michigan, the USDA (United States Department of Agriculture) has a mortgage loan program called Rural Development Home Mortgage Loans. These are fundamentally loans that a quailifying borrower can apply for that require no money down. Now there are closing costs that are not considered down payment, like tax prorations, insurance costs, mortgage application and appraisal costs. However, even much of that could be a seller concession, if the seller is willing to assist the borrower with a portion of those costs. Not all mortgage lenders offer this program so call me and we can find one that does.
When I said no money down that does not mean you have no money, I meant the kind of money you need to have access to is a qualifying credit score, sufficient income plus acceptable income to debt ratios to be able to make the payments and provide upkeep on your purchase. These loans are for non commercial and owner occupied properties. These loans are generally offered in rural communities, Howell and Livingston County are cosidered rural communities in this proram.
So if you would like to get preapproved for a $0 down mortgage and to see if you can qualify for a no money down rural development style house mortgage, please contact me now and I will get you started on your journey to getting a home of your own, and wouldn't that be great!