Loans Without Down Payments
Saving to have enough money for your down payment can be a difficult task. Your Mackinac loan officer has some options that can help you.
Gifts for down payment Some loan programs allow gifts from family members or employers to be used for part or all of your down payment. The gift funds must not include any payback obligation. Your Mackinac loan officer can guide you through these requirements and provide you with a gift letter format.
Zero down payment loans Mackinac offers VA loans to qualified veterans with no down payment requirement. VA loans are guaranteed by the U.S. Department of Veterans Affairs and usually have competitive fixed interest rates and limited closing costs. Mackinac also offers USDA loans with zero down payment. USDA loans have geographic restrictions that your loan officer can explain.