No Money Down Mortgages

Not long ago the typical down payment for a house was 20 percent.  Today, it is much more common for people to make a down payment of as little as five percent.  A growing number of people are opting to take advantage of our "no money down" or "zero down" mortgages where our lenders arrange for financing without a down payment.

With these loans you finance 100 percent of your home's value.  These loans have become popular because housing prices have risen to a level where saving for a down payment has become extremely difficult.  These mortgages cause extra difficulties for lenders, but have been very helpful for people that wish to purchase a home without having to make a large cash outlay.

Who Should Apply for a No Money Down Mortgage?

For many people, the only way possible to become a homeowner is with a no money down loan.  First-time home buyers may not have been able to save 20 percent of a homes purchase price for a down payment.  The homebuyer may even have funds available, but needs them to take care of other necessities for their new home such as repairs, furniture or appliances.

No money down loans have also become a good option for people that wish to buy a vacation home.  They may decide that they do not want to tap into their savings or investments in order to purchase a second home.

Others use No Money Down Mortgages because they need their saved funds for other purposes such as paying off revolving debt or education expenses.  This works well for many people because the interest on the home they purchase is usually tax-deductible and the rates are usually lower then on their other debts.

There are many programs available for individuals that wish to obtain a no money down loan.  If you are interested in pursuing a zero down mortgage please Contact Us to discuss your options. Our mortgage specialists will be happy to assist you.