One question we get all the time is “Do I need a down payment to buy a house with a mortgage?”
Although the average home buyer puts down around 4% and many people put 20% down there are mortgage programs available to home buyers that allow for using zero down payment. This is great for people who want to jump on a great deal but might not have the traditional 20% saved up, as well as for people who like to keep their cash more liquid.
Two of these programs are the Rural Development RD Loan, and the VA Veterans Loan. Both programs have some restrictions and eligibility requirements, however both are extremely common in the West Michigan area.
These loans are great for first time home buyers although they are not limited to those buyers on their first home purchases.
Call us today to see if you qualify for a zero down loan in Michigan.
Treadstone Funding is the premier mortgage lender in Grand Rapids, MI and services all of Michigan.
**Not all borrowers will qualify. Please contact us for fees and terms 616-774-9160