Home Mortgage, Refinance, Purchase, Home Equity Loans, Rates | Home Loan Wholesale
Buying a house with zero down-payment can be tricky, but there are still a few opportunities available with 100% mortgage programs. Home Loan Wholesale can help educate you on cost-effective home loans with no down-payment requirements. Times have changed and so have the guidelines for zero-down home purchase loans, so let HLW connect you with lenders that meet your financing needs.
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Zero Down Home Purchases

Anytime the housing market slows, rental prices generally start rising, making it very difficult for prospective home buyers to save up for a 10% or 20% down payment on a home. But, home buying does not need to be considered beyond your reach just because you can't afford the down payment.

You can get a no money down home loan, also known as a 100% 1st mortgage or 80-20 home mortgage. Why is it called an 80-20 loan? Because it typically entails a first mortgage for 80% of the purchase price and a piggyback second mortgage for the 20% down payment. Although the first mortgage is usually a fixed interest rate loan, it could also be an adjustable rate mortgage (ARM) with the rates remaining fixed for anywhere from 3 to 10 years. The piggyback second may be a fixed rate, ARM, variable rate credit line or even an interest only loan.

House Finance Related Headlines

No Money Down Home Loans - USDA and VA are still the major players in 100% financing for residential real estate.

VA Loans with No Down-Payments - With new guidelines changes looming it is important that VA borrowers discuss their circumstances with an approved lender in the neighborhood.

The 80-20 loan can be used for a conventional home purchase (a home priced within the $417,000 Fannie Mae and Freddie Mac loan limit) or to split up a jumbo home loan--a loan for an amount higher than the Fannie Mae and Freddie Mac limit. These 100% loans can even be used for financing a second home.

The advantages to 80-20 loans include being able to purchase a home with almost no out of pocket expense and not having to pay the high cost of private mortgage insurance (PMI). PMI protects the lender in case you default on the loan, but you're the one who pays the premium. PMI charges vary depending on the size of the down payment and the loan, but they typically amount to about one-half of 1 percent of the loan, according to the Mortgage Bankers Association of America. This could add up to$1,500 per year or more. On top of that, PMI is not tax-deductible like the interest you would pay on the piggyback 2nd mortgage would be.

PMI offers absolutely no benefit to the buyer, only the lender. So, why should you pay it? If you can't afford a 20% down payment, save yourself thousands per year. Get 100% financing for your new home. Naturally, if your FICO credit scores are high (700 or higher), you'll have more options. But, even a person with a credit score below 620 could get some decent options through a sub-prime lender. Before shopping for your home, be sure to get pre-approved for your 100% financing. If your credit score is good enough, you may even get pre-approval for 103% or 105% mortgage financing, which can really help with closing costs.

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