Zero Down Payment Mortgage ? Can It Be Done?

"I've been renting for years now; I've always paid my rent on time. I'll start a savings account soon, so I can buy a house": sound familiar? How much is in that savings account now? Just as I thought, not enough, you went on vacation, found a car you had to have, or WOW; look at the flat panel T.V. on the wall that you're renting, etc, etc. There's a secret that your landlord doesn't want you to know; you can buy a house with zero down payment. Do you want to know how? Hang on, here we go. Hire a good mortgage professional, it's that easy. Do you want to know more? Of course you do, here are some mortgage programs to help you.

Many companies will do a 100% one loan. This program can be done as a conforming, (good credit, full income documentation; prove income through W-2's and recent pay stubs) or sub prime (those borrowers that don't quite fit into conforming guidelines due to less than perfect credit or trouble verifying income).

There is an 80/20 combo home loan too if you don't mind paying 2 monthly payments to pay your mortgage. The advantage to this is you don't have to carry mortgage insurance on your first mortgage as your loan to value is 80%, that's the cut off for carrying mortgage insurance. That usually means a savings of $40.00 to $90.00 per month over a 100% one loan, however the 80/20 combo home loan is a bit more difficult to qualify for.

The best option, if you're non-military, is a FHA mortgage loan. This is a mortgage that's backed by the government so there's less risk to the lender. Now a FHA mortgage loan requires a 3% down payment, but that can be gifted through a down payment assistance program that the seller participates in. The great thing about a FHA loan is the interest rates are low and usually the seller of the home will pay most of your closing cost. Therefore you're buying the house with zero or very little out of pocket expense.

If you're in the military or a veteran of the military have your mortgage professional check your eligibility to use the VA (Dept. of Veteran Affairs) to back your mortgage. The VA requires zero down payment at a low mortgage interest rate, and your seller will generally pay the majority of your closing cost. Again, you're buying the house with very little or no out of pocket expense.

These are the most popular programs for a zero down payment mortgage. You don't have to have perfect credit or a ton of money to buy a home. Just prove you're responsible, have the ability to pay for your home, and the willingness to pay for your home. The mortgage professional you hire should have a list of real estate professionals to help you in your search for a new home, always use a Realtor to help you, it will make your life much easier, and the seller pays their commission from the sale. Good luck house hunting and finding the perfect mortgage program for you.

Author Marc Sisk; Marc has been originating all types of mortgage loans since 1998. His web site's title is Mortgage Calculator | Refinancing Home Loan | Mortgage Lender. By being an affiliate branch of a large mortgage lender Marc is able to originate mortgage loans in most of the United States, visit his web page to see if we're licensed in your state.

This article may be reprinted or reused please email me a link to the posted page of this article.

---

Home Mortgage Loans For People With Bad Credit

Getting a home loan with bad credit has actually never... Read More

Mortgage Basics for First Time Home Buyers

Anyone planning to take out a mortgage for the first... Read More

Know Your Mortgage Options

While trying to find the lowest rates, many homeowners fail... Read More

Stated Income Mortgage Loan - Get Approved Online

A stated income or no doc mortgage loan allows individuals... Read More

The Best Tactics for Getting a Quick Homeowner Loan

Trying to find a quick homeowner loan can seem difficult... Read More

Homeowner Loans ? Drawing Lessons of the Past

Loans are not of a recent origin. People used to... Read More

Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is... Read More

Refinancing Your Mortgage Can Open Up A Lot Of Options For You And Your Family

It can happen to anyone, the roof is leaking, the... Read More

How to Find the Best Mortgage

The purchase of a new home is one of the... Read More

Credit Problems? With a Subprime Mortgage Lender, Poor Credit is Not a Problem

Have you been turned down for a home loan recently... Read More

Find the Best Mortgage Company

If you do not wish to commit to living in... Read More

Multi Family Property Living

While most multi family properties are designed to allow the... Read More

FHA Mortgage: Whats the Best Way to Show an Underwriter that Youre Ready to Buy a House?

Mortgage underwriters can be a suspicious bunch. If you have... Read More

Obtaining a Home Equity Loan Online

Private lenders, banks, and mortgage companies are all setting up... Read More

Florida Refinance - Refinancing in Florida

The decision to buy a home in Florida can be... Read More

Home Equity Lines of Credit Vs. Other Conventional Loans

When it comes to getting money, you have two basic... Read More

Short-Term Interest Rates on the Rise; Adjustable Rate Mortgage Holders Prepare for Increase in Rate

Interest rates are on the rise and many home owners... Read More

How To Choose Your Mortgage Loan

Are you excited about purchasing your first home? Or maybe... Read More

Securing the Best International Mortgage for Your Home in Spain

Are you one of a growing number of people planning... Read More

Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

If you have a recent bankruptcy on your credit and... Read More

Mortgage Debt Elimination in 5 to 7 years!

Mortgage Debt Elimination shows that most home loan debts will... Read More

Choosing The Right Buy-To-Let Mortgage

Buy-to-let took off during the 1990s with the increasing availability... Read More

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage on a... Read More

Bad Credit Mortgage Loans ? How To Get Approved

Persistence is the key working toward getting approved for a... Read More

Fixed-To-Adjustable-Rate-Mortgage

What is a Fixed-To-Adjustable Rate Mortgage?This type of mortgage offers... Read More

Gearing Up for Bad Credit Mortgages

Mortgage would have never happened, had mortgages been a no... Read More

Reverse Mortgage Offers Fresh Approach To Income From Real Estate

If you owe 40 percent or less of your original... Read More

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge... Read More

Refinancing After Bankruptcy

Refinancing after a bankruptcy can seem like an especially difficult... Read More

Ten Things a Mortgage Processor Must Know to be Effective

From time to time, we hear a story about a... Read More

Home Owner Loans Explained

How To Release Equity Locked Up In Your Home For... Read More

Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head

"The ache for home lives in all of us, the... Read More

Refinancing vs Line of Credit

Refinancing vs line of credit are two popular options you... Read More