Why would I want a No Money Down Home Purchase?
A No Money Down Home Purchase is useful for people who can afford to make monthly mortgage payments, but have never managed to save up enough money for a down payment.
What can I use a No Money Down Home Purchase for, and what are my options
It varies on the type of loan you get and the lender you go through, but you should be able to find a No Money Down Home Purchase for primary residences, secondary residences, and investment properties. Many loans will either waive down payments, or include them in the loan amount. The types of loans you will be eligible for also vary, but many No Money Down Home purchases are available, including the 100% Finance Home Purchase, 103% Finance Home Purchase, and the 107% Finance Home Purchase.
Why should I get a No Money Down Home Purchase
A No Money Down Home Purchase may just be the type of loan that helps you jump from renter to homeowner status. In many areas of the United States monthly mortgage payments do not differ greatly from monthly rent payments, but homeowners do reap tax and other financial benefits that renters are not eligible for. However, down payments can range anywhere from 3% to 20% of the price of the house. Many people also don’t know that the closing costs for buying a house are much higher than you think. If you have good credit and can afford to pay a monthly mortgage, the down payment and closing costs may be all that is standing in your way to becoming a homeowner. A No Money Down Home Purchase may be the answer you are looking for.
How can I get a No Money Down Home Purchase
We offer many No Money Down Home Purchases. Click to apply.
How can my FICO/Credit Score affect my mortgage rate
Credit Scores are important in determining mortgage rates, especially for No Money Down Home Purchases. Lenders want to be extra certain that they will be able count on you for your monthly payments. Start by reading the following profiles to see if you have good credit or bad credit.
- You have established a credit history with auto loans, mortgages, and/or credit cards.
- None of your payments were more than thirty days late.
- You have not missed a single payment in the last twelve months, but may have missed a few over the past seven years.
- You are over eighteen years old and have no credit history.
- You have had been reported to a collection agency within the last ten years.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.