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Can I buy a home with no money down?

Many people ask everyday if they can buy a home with no money down. The simple answer to this question is that many people can buy a home with no money down. However, since the beginning of 2007 buying a home with no money down has become slightly more difficult as lenders have begun tightening their guidelines a bit with the record number of foreclosures we have been experiencing throughout the US. Buying a home with no money down though is still possible, even for people with less than perfect credit.

Many people today are faced with the difficult challenge of trying to save money for retirement, for children's tuition, for a home, and anything else you can think of. This is why there are now many options for consumers to purchase a home and obtain a mortgage without needing to put any money down. There are many programs out there for first time homebuyers that offer true zero down home loans and mortgages for people who are not able to save 5,10 or 20% for a down payment. You do not even need perfect credit to qualify for a no money down home loan. Contact your Ohio mortgage broker today to get prequalified immediately.

Mortgage brokers have a wide variety of lending products available to them. You may not need to have outstanding credit to qualify for 100% financing.

With the increase in property values it has become harder for average family to come up with the 20% for a down payment. This has forced lenders to become more aggresive with their loan products. It is perfectly reasonable for an average family to purchase a property with zero money down.

Many mortgage brokers have an arsenal of loan programs with "Zero Down" features. One popular such mortgage is the 80/20 piggyback program, in which the entire purchase price of the home is financed with two loans, one in the amount equal to 80% of the home price and a second mortgage making up the remainder 20%. Nowadays "No Money Down" financing is easier to achieve than ever before.

It is very important that you have good credit in order to buy a home with no money down. I did not say perfect credit but good credit. There are some no money down programs for credit scores under 600 but here is the catch. Getting 100 per cent financing with a sub 600 score will usually mean a rather high rate of interest and subsequently higher payments. Also you will be required to provide full proof of your income, often making qualifying difficult.

If you are required to put money down, ask your mortgage professional if they use a down payment assistance program. Many times these programs will help you purchase a home, and grant the money to you. You are not expected to pay the money back, and it is a great way to purchase your first home. The down payment assistance program must be in the offer to purchase, so you need to tell your realtor that you are going to be using one. Your local mortgage professional can tell you if you qualify for such a program.

Although it is possible to buy a home with no money down, it will be important to remember most purchases will require a down payment and perhaps closing costs. Although gift money is allowed, it will be important to disclose this early in your conversation with your loan consultant in order to help guide your loan application towards the right lender.

Some lenders will require 2 months cash reserves to cover the mortgage payment, taxes and insurance. This is becoming more popular in todays market as the market tightens up.

Most lenders will allow 3-6% seller concessions. This basically means that the seller will pay your closing costs for you, up to 3-6% of the purchase price. Be aware that the seller usually cannot pay ALL of your closing costs. Usually you will have to pay certain costs yourself, such as pre-paid interest or tax and insurance reserves.

Situations like this are not uncommon. If the purchase is for your primary residence, you will have an easier time getting a loan than if you were using the home for investment purposes.


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