For Oakland County ADDI information contact the Oakland County Community and Home Improvement Division, Bldg. 38E, 1200 N. Telegraph Rd., Pontiac, MI 48341-0414 (248) 858-0493.
Website(s) : http://www.oakgov.com/chi/
Shore Mortgage was founded on and specializes in FHA and VA loans. Please feel free to contact me if you need any further assitance: 800-678-6663 Ext 70467
I have helped many clients with construction loans and FHA203k Loans. And if you don't have the money for down payment, and don't have the money for closing costs, what happens when you get into the renovation and it turns out there is more damage or issues requiring more money to complete your project? Because it usually happens. And I do mean USUALLY, as in, almost always. This is a construction project. Prices change, issues arise and who knows what's really wrong with the house until they start renovating.
So, be very careful about getting into this type of project if you don't have the money reserves to ensure you don't get yourself into financial trouble.
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Here are MSDHA's lender guidelines for FHA loans: http://www.michigan.gov/documents/mshda_fha_product_specs_16
It only says for eligible products:
MSHDA FHA (standard)
MSHDA FHA with Down Payment Assistance (SF-DPA) Option*
MSHDA FHA with Step Option
MSHDA FHA with both Step and Buydown Option
Here is the list of all of MSDHA's loan programs, kind of an "overview", it's for us mortgage lenders but I am sure you could understand most of it: http://www.michigan.gov/documents/mshda_loan_product_matrix_
MSDHA has a rehab program, but it's a conventional rehab program/appears to need 20% down.
FHA loans do not cover the closing costs or down payment, however MSDHA has the down payment assistance programs that can cover the down payment & closing costs (up to $7,500), see:
The down payment assistance "specs": http://www.michigan.gov/documents/mshda/mshda_dpa_product_sp