Home Loans With No Money Down in Michigan

-Even With Bad Credit-

Get a great interest rate on a Michigan No Money Down Mortgage Loan program. We can also refinance your current Michigan mortgage. Apply online or call one of our Michigan brokers toll free at 888-694-0455

In 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.

VA 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.

Owner 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.

House 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.

HUD - 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.

Job-Related 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.

Local 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.