No Money Down Mortgage Loan Programs – 100% Financing
Buying a new home with no money down has never been easier. No Money Down Mortgage Loan Programs – 100% Financing is available at The Mortgage Exchange.
At one point, buying a home with no money was unheard of. Today, most 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 a down payment.
Benefits of 100% Mortgage Financing:
The benefits of applying for a no-money-down home loan are obvious. Ordinarily, mortgage lenders would ask new home buyers to have a down payment of 20%, 5%, or 3%. The rising cost of living makes it difficult for middle-class families to save money for a home purchase. Instead of alienating the majority of working-class people, lenders chose a smarter approach and began offering a variety of home loans for every need.
With 100 percent mortgage financing, down payments are not required. The downside is that these loans may carry a slightly higher interest rate. However, the rate increase is barely noticeable if your credit rating is high. Of course, good credit is not required to get a no-money-down home loan. Fortunately, there are loans available for all credit types.
Different Types of No Money Down Loan Programs:
Another option for obtaining 100 percent financing involves getting a mortgage loan for 103 percent or 107 percent financing. One-hundred-seven percent financing is perfect for homes that need a lot of cosmetic repairs.
If applying for more than 100 percent financing, a good or fair credit rating is necessary. Typically, 103 percent of full document loans require a score of at least 600. A credit score of at least 680 is required for 107 percent home loan financing.
Self-employed homebuyers can get approved for a stated income no money 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 100 percent financing. Full document bad credit no money down home loans are available to those with credit scores as low as 580.
In short, there are options to get a mortgage loan. Give us a call to see which loan you qualify for!