100 Percent Zero Down Payment Home Loans Available

Dated: 09/05/2017

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There are several home loan programs available that are all zero down 100% financing. these are MIHome, Rural Development and VA loans. Below are some details about each loan.  

MIhome Loan is a home financing solution for low-to-moderate income families in Michigan

  • no minimum credit score* (this means you can have a low score but be able to explain why it is low)

  • 110% loan-to-value option to help with repair costs, closing costs and down payment

  • ACCEL home-buyer training prior to loan closing provided at no cost to the member

  • Private Mortgage Insurance Waived

  • 10, 15, 20 and 30 year fixed repayment terms

  • minimum loan amount is $5000

*Derogatory credit history must be explained with an extenuating circumstance. Must be a member to apply for loan. Loan is for new purchase only not refinancing. This is available through frankenmuth Credit Union.

The MIHome loan helps people who can't quite qualify for a regular loan.  I have sold many homes to buyers this summer who wouldn't have been able to buy with out this program.  This program is through Frankenmuth Credit Union.  They are real busy with this loan product so if you get in touch with them and you don't get a call back right awayu be persistant. 

For more info click here https://www.frankenmuthcu.org/personal-mortgages


Rural Development Loans are available in Bay County Michigan.  I spoke with a lender recently who told me that he can work with buyers that have a 620 credit score or higher in obtaining one of these zero down loans. Criteria applies to both the borrower, the home and where the home is located.  A large part of Bay County is eligible for this program, yet I am finding many home buyers don't even know about this 100% financing option.  There is a map link to the website I have posted with this post  which shows you what areas will work. If you don't mind living north of Wheeler Road or West of 4 Mile Road then maybe this program is for you. Check out this site if you need

http://www.rd.usda.gov/programs-services/single-family-housing-guaranteed-loan-program/mi

Veteran Administration loans are available for veterans with 100% financing contact the veterans administration for more details. 

https://www.benefits.va.gov/homeloans/

If you need more info on RD or VA loans please contact these lenders Tim NyKamp at Envoy Mortgage  https://www.envoymortgage.com/

or Alan Donor at New Executive Mortgage  http://www.newexecmtg.com/Home


As always please feel free to contact me too if you have any questions.  Scott Cummings eXp Realty 989-415-8592


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Scott Cummings

My personal mission statement is "Changing people's lives...one home at a time." With every client I work with, buyer or seller, I take this mission statement to heart. Buying or selling a home is c....

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