Just a few years ago no money down mortgages were being blacklisted by banks across the country. Today we are seeing new opportunities arise with a combination of aggressive lending and home buying grants that aid qualified borrowers with down-payment assistance.
After a number of significant guideline changes by underwriters, the zero down home loan program is making quite a comeback with first time house buyers and military borrowers.
Buying a home is something that millions of Americans dream of every day. And when that dream finally becomes a reality, it's something to celebrate.
But of course, getting there often takes considerable effort. Because of the large price of a house, it's something that you have to qualify for.
Things like your income and your credit have a very direct impact on your ability to secure a loan, but another factor is at play as well, a down payment. A down payment is often required due to the fact that it shows lenders that you're serious about owning a home and not just expecting to get handed the keys without any effort at all. Many lenders require as much as ten percent down, sometimes more.
However, it's possible to get a home loan with no down payment at all, and the increase in zero down mortgages and low down payments means that you have more chances of getting a loan than you might have thought.
Here's a look at some of the key reasons that zero down home loans are making a comeback.
If you're serious about buying a home, it's important to remember that you have a lot of different paths you can take. Pay attention to the various methods of getting a low or zero down payment loan, or for getting assistance with your down payments. If you'll do this, you should be able to get the home loan needed for the home of your dreams without having to pay a huge amount initially as a down payment. It's well worth looking into, and could surprise you.