Zero Down Mortgage Loans - Information and Advice

"How to get zero down mortgage loans with the lowest rates."

What It Really Takes To Buy Your Home With Zero Down Mortgage Loans

You hear this headline an awful lot…mostly in advertisements for get-rich-quick real estate seminars. Most people don't understand that zero down mortgage loans are actually two loans - a standard 80% first mortgage at a fixed rate and a 20% second mortgage (home equity loan) at a variable rate.

Zero down mortgage loans are offered by several lenders. Most online mortgage brokers can provide current rates and estimate payments. The major advantage is not having to pay PMI or private mortgage insurance. Click here for current rates for zero down mortgage loans.

Even though the application requirements are quite rigid and less forgiving, it is totally possible to get a mortgage without making a down payment by following a few requirements.

Required Zero Down Mortgage Loan Program Qualifications:

1. An Excellent Credit History

• Absolutely zero recent history of bad debts
• Consistent and timely payment of all previous and current liabilities

2. Disclose A Current List Of All Liabilities

This will determine how much debt the lender will allow you to carry. Examples of any liabilities may be: loans, car, home, co-signed loans, credit cards, boats, R.V’s, motorcycles, property, etc.

3. Be Able To Prove A Minimum Of 3 Years Stable Employment History.

You will be required to show a letter of employment, or if self employed you must show financial statements for the prior three years.

4. The Financial Ability To Pay Larger Monthly Payments

Expect to pay a few hundred dollars extra per month on a zero down mortgage program. Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.

Note: Understand that since this is such a unique program, not all lenders will offer it.

If you plan on going this route, be sure and work with a lender who specializes in this.

Also, not all properties will qualify for the Zero Cash Down Program. Your Lender or qualified real estate agent can provide current details.

--------------------------------------------------------------------------------------------------------------------------------------------
Written by Craig Romero

Free report on how to implement a proper bi-weekly payment plan visit: www.wisemortgageinfo.com

Craig Romero is an author and mortgage analyst dedicated to helping homeowners maximize the investment in their homes.
 

Related Pages

Current Mortgage Rates - Information on current mortgage rates - How mortgage interest rates affect the housing market - Home loan borrowing tips.

Down Payment Leverage - How to leverage your down payment - Buy a larger home where your equity grows faster and avoid PMI using a two loan strategy.

FICO Score Explained - Information on your FICO score, an explanation of the factors your score is based upon, plus details on improving your FICO scores and home buying credit rating.

Mortgage Loan Documentation - Tips on mortgage loan documentation you'll need during the mortgage application process - What documents you need to gather and when you need them.

Down Payment and PMI - How to leverage your down payment - Buy a larger home where your equity grows faster and avoid PMI using a two-loan strategy. Learn the 100% financing technique. Avoid paying for private mortgage insurance (PMI) on any mortgage where you put less than 20% down.

Home Loans In The News

	Web Home-Loans-Help.com