No Money Down Home Loans: Build Your Own Sweet Home With Zero Down Payment
Buying a house with no money down is one of the best ways to purchase a house
. But, due to the recent recession, its very difficult to find no money down house deal anymore. Lenders are now scared to offer such deals. But with a little work, it is still possible to buy a house with no money down house loan which allows the financing of a home without the need of a down payment. In the real world, people are not in a position to save money for paying the down payment of their house. In this case, such a loan becomes a readily available alternative in real estate financing. Before providing such loans, the lenders take into view some of the following points like:
Good Credit Ratings
In order to qualify for these loans, one should have a good credit. Typically, after three years of perfect payments and a FICO score of 600, one can qualify for a zero down mortgage.
Money Factors
Lenders like to see higher cash reserves of applicants and a low debt to income ratio, so pay down short-term debts like credit cards. Additionally, a long employment history proves reliable income which is preferred by the lender.
Save For Closing Costs
Most lenders will require borrowers to pay the closing cost of these loans. You can negotiate this with your lender, particularly if you are a first time home buyer.
Dont Overbid On a Home
Make sure your home is in an area with rising real estate prices, so the lender will be more likely to approve the loan. Also, find out the appraised value of the home before making a bid to ensure you dont go over your limit.
Be Flexible
When you apply for such loans, be flexible with the options presented to you. You may find a small down payment, or interest only loans are better financial choices for your situation.
If one is having good credit, then he can get an unsecured home loan that may cover 100% of the mortgage, which is no money down home, in other words. However, if a person doesnt have credit, then he can still get a bad credit home loan, but it will probably be a secured bad credit home loan. A secured loan requires some sort of collateral against the loan amount. If one is buying a second home, then a secured loan may be a possible way to purchase a house with no money down.
Before applying for such loans, one must consult the brokers who could give a general idea of how these loans work and an overview of the different requirements set by each bank or financial institution. And thus, can tell borrower exactly what he should do to avail such loans. Some of the schemes offer loans amounting to 100% or more of the value of the property. The range of the loan could be from small amounts like $50,000 to a million or even more. Generally speaking, the more borrowing, the more the interest and more will be the repayment installments. But for home loans, interest and some of the expenses may be tax-deductible.
Online modes make the loan approval process quite simple and fast. One can search a lender online without leaving comfort of his home. Good online searching can get you good loan deal ever.
by: Corwin Crispin
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