0% Mortgage Financing – No Money Down Programs
Buying a new home with no money down has never been easier. If you are unfamiliar with what a 0% mortgage financing is. Then it may help to contact a mortgage broker before applying for a loan. At some point, it was unheard of buying a home with no money down. Yet, today the majority of mortgage lenders offer a range of zero down loan programs. These loans are ideal for families trying to buy a home with little or no money for an initial down payment.
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Benefits of 0% Mortgage Financing
The benefits of applying for a no money down home loan is simple. Mortgage lenders ask new home buyers to have a down payment of 20%, 5%, or 3%. Raising cost of living and making it difficult for middle class families to save money for a future home purchase. Instead of alienating the majority of working class people, lenders will chose a smarter approach to begin offering a variety of home loans for every need.
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With a 0% percent mortgage financing, down payments are not required. The downside is that these loans can carry a slightly higher interest rate. However, if your credit rate is high, then the rate increase will be barely noticeable. Of course, good credit is not required for a 0% home loan. Fortunately, there are loans available for all credit types.
Different Types of No Money Down Loan Programs
Another option for obtaining 0% percent financing involves getting a mortgage loan for 103 percent or 107 percent financing or less. 107 percent financing is perfect for homes that need a lot of cosmetic repairs.
If applying for 0% percent financing, a good or fair credit rating is acceptable. Typically, 103 percent full document loans require a score of at least 600.
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Self-employed homebuyers can get approved for a stated income 0% down loan. These individuals will likely need 12 months of banking statements, tax returns for the past two years, and a credit score of at least 650. Having bad credit will not disqualify you from getting 0% percent financing. Full document bad credit no money down home loans are available to those with credit scores as low as 580.
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