Home | Ask Your Question | Mortgage Glossary
Find me a lender for:  
100 Mortgage Financing - No Money Down Programs By Carrie Reeder

Buying a new home with no money down has never been easier. If you are unfamiliar with 100 mortgage financing, it may help to contact a mortgage broker before applying for a conventional loan.

At one point in time, buying a home with no money down was unheard of. Today, the majority of 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%. 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 begin offering a variety of home loans for every need.

With a 100 percent mortgage financing, down payments are not required. The downside is that these loans may carry a slightly higher interest rate. However, if your credit rating is high, the rate increase is barely noticeable. Of course, good credit is not required for getting 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. 107 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 a must. Typically, 103 percent full document loans require a score of at least 600. A credit score of at least 680 is required for 107 percent home loans.

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.

Carrie Reeder is the owner of http://www.abcloanguide.com. View her recommended sources for a 100% mortgage loan.

View her recommended no money down home loan lenders online. Also, view her recommended online debt reduction programs online.





See Also:

100 Mortgage Financing - No Money Down Programs
Buying a new home with no money down has never been easier. If you are unfamiliar with 100 mortgage financing, it may help to contact a mortgage broker before applying for a conventional loan.At one point in time, buying a home with no money down was unheard of. Today, the majority of mortgage ... more...

No Money Down Loans
You want to buy a home but you do not have money for a down payment or for closing costs? Well, just forget it. At least that is what you have probably been told by people who think they know what they are talking about, but simply do not.There are many loan packages available for people with no ... more...

No Money Down Home Loan
Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or 100% financing for your mortgage loan used to be only advertised during late night infomercials and in obscure real estate publications. The good news is that ... more...

Real Estate Investing: Infomercial and Mentoring Scams
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn't help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner financing lately?Real estate infomercials do ... more...


More on no money down home...

Search More Info On:

  • No Money Down Home
  • Home Loan
  • No Money Down Home Mortgage
  • Mortgage Loan
  • Home Mortgage
  • 100 Financing
  •  

    Shop For Your Mortgage Now!
    Shop For Your Mortgage Now!

    You'll be re-directed to Top-Lenders.com

    Want to Know Your Rate?
    Get Customized Mortgage Quote Instantly

     
    ExplainingMortgages © 2005 - 2009