No Money Down

No Money Down Real Estate

Buying a home with no money down is possible with new 100% mortgages. These no money down loans are not limited to just first time home buyers. Currently there are no money down mortgages for buying a home up to $650,000.

Types of No Money Down Home Loan Programs

Mortgage lenders have created hundreds of no money down home loan programs. Below is a list of just some common types of no money down mortgages:

80/20 Mortgages Loans

This type of no money down loan is also called a "piggy back loan". There are various combinations of the 80/20 loans such as adjustable rate mortgages, 5/1 ARMS, stated income loans, fixed rate mortgages and interest only options. These no money down loans are also available as a 75/25 loan. These mortgages will lend up to $650,000. Get pre-qualified for a 80/20 mortgage.

100% Mortgage

100% mortgages are a single loan for the entire sales price. These loans are available as a self-insured mortgage, no pmi option (PMI paid by mortgage lender from higher mortgage rates) or as a traditional loan with PMI (private mortgage insurance). The 100% financing option is also available with as a stated income loan. Get pre-qualified for 100% mortgage.

Qualifying Basics of No Money Down Loans

Mortgage qualifying for a No money down loans is much the same as a traditional mortgage. Since there is no money down the mortgage lenders will review your credit history a thoroughly and put more emphasis on your credit scores. Typically you will need a minimum credit score of at least 600. Also expect that the mortgage rates will be a little higher than a traditional mortgage because of the higher risk involved due to the lack of down payment from the borrower.

How much of a home can you afford to buy with no money down

Before searching Orange County real estate you should be pre-qualified for a mortgage. Doing so, saves you time and frustration by limiting your home search to only real estate you can afford. Get a free, no obligation mortgage pre-qualification to determine how expensive of a home you can afford to buy with a no money down loan or any other types of mortgages.

► Get a Mortgage Pre-Qualification for a No Money Down Loan

Home | Top