How to get a Mortgage with no money down

HOW TO BUY A HOME WITH NO MONEY DOWN

The Zero Down Cash Payment Program offers you an opportunity to buy a home with no down payment. That’s right, zero down payment. You may have owned a home before and are presently looking to purchase a new home, or you could be a first time homebuyer looking for a way to get that first home. If you have been waiting because you thought a substantial down payment would be required on the purchase, your wait is over. You could also be in a position where you do not want to liquidate your financial assets to use as a down payment and that’s ok. Regardless of your present situation, you want a way to get into the home as fast as you can with as little out of pocket expense as possible, if that’s the case, this is you’re loan. Here are the general requirements of the Zero Down Cash Payment Program.

1. Good to Excellence Credit History.
   
   This means that you should have a payment history with your current debt that shows no 30 days late payments.
   
   
2. Limited Number of Debts.
   
   You will need to have some existing debts to allow the credit bureaus to score your credit file, but the amount of debt should be limited. To determine how much you are qualified to borrow for your home, we will take your monthly income and subtract your current debt. The more debt you have listed in your credit file, the lower your monthly housing payment can be.
   
   
3. Length of Employment
   
   Most lenders will require that you have at least a 2-year employment history in the same field of work. If you have been in the same industry or line of work for the past two years, but that employment was at two different employers this will still qualify. You will be required to provide your last 2 year’s W-2’s and a current pay stub to your mortgage broker.

Benefits of this Zero Down Payment Program

1. If you are renting, why are you making your landlord rich? Why not enjoy the benefit of building your own equity in a property that’s your very own. Many would be homeowners and even some Realtors have a perception that buyers need to have 20% down to purchase a home. Very simply this is not true. In fact, you are actually getting further behind each year you waste saving for that down payment. The value of homes in most areas goes up in value each year faster than you could save for a down payment.
   
   
2. The additional time that you are saving for your down payment you are losing out on the tax advantages that owning your own home provides. Most people that do not own a home are limited to the standard deduction for their federal taxes. People that purchase a home with a mortgage will be able to deduct the interest that they pay along with many other deductions that are included on the itemized deduction schedule of their tax forms. These additional deductions can amount to a significant tax savings.
   
   
3. OWN NOW, instead of later. Whether you have a growing family, or want the tax benefits of home ownership owning today is much better than later.
   

bob.bradshaw@lakewoodhome.net

Toll Free 1-800-276-8119 ext. 106
Fax 1-616-301-1445