Zero Down Home Loan
There are some circumstances in life that we accept
as a matter of course. You can't use a cell phone in
a hospital. If you're on a flight that's about to land,
you have to return your tray table to the upright and
locked position--or the pilot will crash the plane.
And if you're buying a house, you're going to have to
come up with a down payment equal to 20 percent of its
market value. But did you know you could actually qualify
for a zero down home loan instead?
A zero down home loan can be an intelligent choice
in many instances. If you want to buy a house in an
expensive area, it might take you years to save up for
a down payment of 20 percent. Meanwhile, you're wasting
money on rent, and possibly missing out on low interest
rates. With a zero down home loan, you can lock into
a favorable rate--although a loan of this type will
have a higher interest rate than a traditional mortgage.
A typical type of zero down home loan is the 80/20
loan. This includes a loan for 80 percent of the abode's
value, plus a 20 percent home equity line of credit.
With this loan, you will still need to pay a small percentage
fee--around 1.1 percent. While zero down home loans
can save you from a large down payment, there are other
costs to consider, such as private mortgage insurance
and the above-mentioned higher interest rate.
Buy Your House Today with a Zero Down Home
Loan
Zero down home loans are easier to find for less expensive
properties, thanks to the Community Reinvestment Act--a
directive that focuses on low to moderate income borrowers.
However, there are some "jumbo" loans available
if needed. Why waste years--and thousands of dollars
of rent--while you sweat and save for a down payment?
You can grab the brass ring and buy your house today
with a zero down home loan. Unfortunately, the next
time you fly, you still have to put away your tray table.
2nd Mortgage Loans
| ARM Loans
| HELOC Loans | Fixed
Rate Mortgage | Mortage
Lender Network | Home
loan mortgage quote |
