Loans With No Money Down in Michigan
With Bad Credit-
a great interest rate on a Michigan No Money Down Mortgage
Loan program. We can also refinance your current Michigan
online or call one of our Michigan brokers
toll free at 855-529-5222
this difficult economy where stock valuations are questionable,
one of the best investments is real estate. But for many potential
buyers, the problem is coming up with a down payment to make
this all-important purchase. This should not be the case.
It is possible to buy a Michigan home with no money down,
meaning no down payment. There are several methods by which
eligible home buyers can minimize or even eliminate down payments.
Even with dad credit,
home loans with no money down in Michigan are possible.
Loans - The method of purchasing a home with no
down payment that most people are familiar with is through
the Department of Veterans Affairs, or VA. This benefit is
available to active and retired members of the military service,
veterans, POW's and MIA's and their unmarried widows. All
branches of the service including the Coast Guard are eligible.
There is no maximum home loan amount. No money down VA
foreclosures are available to everyone. What many people
do not know is that you do not have to be a veteran to purchase
a VA foreclosure with nothing down. Some require nothing down
or just a fee of $500. Although the homes are sold from the
VA, purchasers must obtain conventional or FHA loans unless
they are veterans or active military. VA foreclosures with
nothing down or $500 fees can be found among those from banks,
lending institutions and federal agencies.
Financing, Lease-Purchase - If a glut of unsold
homes develops in a market, some sellers -- especially those
in a hurry -- become willing to assist the buyer. There may
be additional pressure on sellers of used homes when they
compete with builders in their areas who fund down payments
on new homes. These sellers may agree to lease-purchase or
owner-financing plans. In both cases, purchasers do not pay
down payments to acquire the properties.
Trading, Lines of Credit - Many professional investors
acquire homes with no money down by trading one property for
another. In some cases, they trade one large property for
several smaller rental properties. Or they trade houses in
different cities to acquire a vacation or retirement home.
Property trading is also a legal way to avoid the capital
gains associated with selling a property. Another way to acquire
a property with no money down may be with a line of credit
secured by the equity in another property. This allows the
homeowner to purchase another property using the accumulated
equity in a home without selling the original property.
- The Office of Housing and Urban Development (HUD) offers
special financing for first-time home buyers. This program
is based upon need and is designed to allow low-income families
to obtain their first home without a significant down payment
or closing fees. Also, many HUD foreclosure homes require
no down payments.
Federal Programs - The federal government also
has programs to help farmers and police personnel acquire
homes with nothing down. To encourage police to occupy homes
in crime-targeted areas, special federal programs permit police
officers to purchase homes in selected areas with nothing
down. Information is available to law enforcement officers
through their places of employment.
Programs - Some states, counties and cities offer
programs that can eliminate down payments. Often, prospective
home buyers must meet income requirements, hold certain jobs,
be a first-time buyer or agree to buy in a specific area.