There is not a one size fits all mortgage however as a first time home buyer, there are a couple of mortgage options that you should definitely learn about including the USDA Rural Development Home Loan or a FHA home loan. These are both government backed mortgages that have flexible qualifying terms for little to no established credit.

USDA Rural Development home loans as well as VA loans may be great options to allow a first time home buyer to buy a home with no down payment. Government programs such as the MSHDA first time home buyer grant may also be available to add zero down mortgage options. Be sure to speak with your loan officer about what programs best fit your needs.

Can I afford a Michigan first time home buyer program?

As the housing market slowly recovers, home prices are low which means you are able to get a huge discount on the price of a home. The low home prices combined with historically low mortgage interest rates allows for an affordable mortgage for first time home buyers.

These mortgage options will allow you to get into home of your dreams with little to no down payment. The best place to start is to speak with a licensed loan officer to review your home loan options and figure out what mortgage is best for you.