No
Money Down
You can buy
a lovely home, in a great neighborhood, for zero or very low down
payment, no matter what your income level or credit situation. Do
not let the lack of down payment keep you from buying a home. We
also have programs that will help if you need closing cost assistance.
Years ago, when
a borrower wanted to buy a home, a down payment of 10 or 20% was
often required. Now, lenders are willing to lend up to 100% (and
with excellent credit, 103% and even 107%) of the sales price. We
specialize in zero down programs, and can help borrowers with other
special financing needs. We take time to explain the process with
you, analyze your individual situation, and make recommendations
based on your goals. Exemplary customer service is our main focus.
Typically, with
a no money down purchase, we will split the sales price into an
80% first mortgage and a 20% second mortgage. By doing this, you
will avoid paying PMI. PMI (or MI) is Private Mortgage Insurance.
PMI does not go towards paying off your loan, it is just a "penalty"
other lenders will charge you for not putting a hefty down payment
on your new mortgage. Sometimes the 80% first and 20% second will
be with the same lender, other times there will be two separate
lenders, and you'll have two separate loan payments.
Your interest rates are credit score dependant; the higher your
credit scores, the lower your rate will be. Please do not be discouraged
if you have been told by another lender that you do not qualify
for a zero down program. We have many different nationwide lenders
in our network with different features, and can find a solution
for just about anyone credit score above 580.
We have zero
down programs with 30 year fixed rates, as well as Adjustable Rate
Mortgages (ARMs). ARMs have lower interest rates and will lower
your monthly payments. Most of our lenders also have interest only
options, which will also lower your payments, while still maximizing
your tax benefit of owning a home.
Additionally, we have no money down programs for investment properties,
as well as no money down programs for self-employed workers. Please
call us at 301-603-9600 to ask more about our zero down programs.
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