This Article is About
money down
s market
mortgage brokers
different kinds
credit rating
bad credit
real estate market
jobs
No Money Home Loan What Is And How To Get A Great Deal
Join 1000's of Authors at StreetArticles Today!

No Money Home Loan What is And How To Get A Great Deal

In today's world where money is tight and the real estate market has plummeted, jobs are unstable and prices of everything and anything is high, how is it even possible to dream about owning a house? The chances of coming up with the full amount on your own is near impossible, but with bad credit, or no money for a down payment what are your options? Do you have to give up on your dream to own your own house or is there a way to achieve this dream? Well you'll be glad to know that you do have options and it's not as dark out there as you think. Today getting a no money down home loans is rather simple.

The advantages of asking for a no money down home loan are clear. Generally mortgage brokers will require new home purchasers to put down a down payment of 3-20% of the cost of the house. In today's market, these figures make it extremely difficult for the average family to even save money to buy the home. Home loan brokers got wise and instead of denying the opportunity to purchase a home for most of the working class, they took a different approach and began to offer a selection of home loans for different needs.

The no money down home loan is as stated a loan which does not require the person requesting the loan to put any money down. The disadvantage of this kind of loan is that the interest rate may be higher, but not ridiculously high. If your credit level is high then the interest rate is negligible. However, fortunately for some good credit is not a requirement for a no money down home loan. You are liable for this type of loan even if you have bad credit.

Different kinds of No Money Down Home Loan Programs

You can also get a no money down home loan which is 100 percent mortgage financing for 103 percent or 107 percent financing. For a home that needs revamping the 107 percent financing is a really good option.

In order to get the more than 100 percent financing you need to have a fair to good credit rating. Normally a 600 point score is the requirement for a 103 percent full document loan. For 107 percent loan, a requirement of a minimum of 680 points is needed.

If you are self employed you can also get approved for a no money down loan. You will need to provide a year supply of banking statements, tax returns of the past two years and a 650 point credit score. If you have bad credit this will not disqualify you. You can still get a no money down loan for a bad credit with a point score as little as 580.


Street Talk

No comments present
You May Also Like
Starting A Business With No Money Down
Wouldn't it be great if someone would finally teach you about starting a business with no money down? Just let you keep your credit card in your wallet? I think everyone would like a shot at that. A place where you can the best internet business training to learn about…
By: Brian26 in  Internet and Businesses Online  >  Internet Marketing   May 22, 2013  
0
  Likes: 0

Making Mortgage Pre - approval Process Easy
Summary Discover the use and benefit of getting a pre-approval for your mortgage and why it is essential to work with the experts in this field. Body As a customer, one is always looking for faster and easy approval of mortgage. However, things can get confusing, especially if one is…
By: MarshRobert in  Finance  >  Home Equity Loans   Nov 15, 2013  
0
  Likes: 0

Current Home Equity Loan Rates
Current home equity loan rates change when interest rates go up and down, usually in line with how Federal Reserve effects changes to their lending rates. The range of Current home equity loan rates change from one lender to the next. You need to calculate the Current home equity loan…
By: Anna Maria Ferramosa in  Finance  >  Home Equity Loans   Jan 03, 2011  
0
  Likes: 0

Home Equity Loan Interest Rate
Home equity may be the best way to borrow if you are a home owner. By using the equity you have, you can borrow for various purposes such as buying new cars, holidays, refinancing high interest debt and so on. There is lower home equity loan interest rate than any…
By: Anna Maria Ferramosa in  Finance  >  Home Equity Loans   Jan 03, 2011  
0
  Likes: 0

ARM Mortgages: Are they Worth It?
If you have listened to the media recently or opened a newspaper, you know that interest rates are at historical lows right now. As I right this article, it is possible to get a 30 year fixed loan in the high 3's! Wow! If you are considering buying a home,…
By: Max Cedars in  Finance  >  Home Equity Loans   Oct 08, 2011  
0
  Likes: 0

Home Equity Line of Credit
A home equity loan line of credit is a type of revolving credit whereby your house serves as collateral. Due to the fact that a home is a consumer's valuable asset, a number of home owners use home equity loan line of credit for major things like home improvements, education…
By: Anna Maria Ferramosa in  Finance  >  Home Equity Loans   Jan 03, 2011  
0
  Likes: 0

An Ex-mortgage Brokers Point Of View
The market crashed in 2007, I know I felt it, that was the year I had to close down my Mortgage Company. I know that many Mortgage Brokers out there, (Correction: Ex-mortgage Brokers, because today we are almost non-existent, thank you Wall Street Guru’s.) Anyway, I know that the mortgage…
By: Heidi Castro in  Finance  >  Home Equity Loans   Sep 07, 2011  
0
  Likes: 6

Settle Your Business With Mortgage Finance
While Dubai boasts a bustling business all year round, expats are always on the look-out for new homes. There are expats in Dubai who are moving to bigger homes, or new expats who have just moved to settle in Dubai. Either way, mortgages and home financing are quite a popular…
By: Karen Thornalley in  Finance  >  Home Equity Loans   Jan 21, 2016  
0
  Likes: 0

Comparing the Fixed And Adjustable Mortgage Rates
Summary Compare fastened and adjustable RBC mortgage rate and their execs and cons before creating your mind. Understand your financial goals to make the best choices. Body Typically speaking, one can encounter mortgage rates that stick with it for 15-, 20-, 30- and 40-year terms. Once discussing RBC mortgage rates…
By: Addy Scott in  Finance  >  Home Equity Loans   Jan 08, 2014  
0
  Likes: 0

5 Precautions When You Take A Mortgage Loan In Burlington
Everybody has wishes to be fulfilled but it really does not mean that you immediately head towards a bank and submit an application for a mortgage loan in Burlington. Life is not always fun. Don’t get too inspired from the movie dialogues! These movies are exaggerated and are meant to…
By: Bryan Guertin in  Finance  >  Home Equity Loans   Mar 18, 2015  
0
  Likes: 0

Tips And Tricks to Being A First - time Home Buyer
Millenials are now reaching their mid-twenties and many are taking the plunge and buying their first homes. It makes a lot of financial sense—if you can afford it. Not only are you building equity, rather than throwing away money on rent, but you’re also able to customize a home to…
By: Janice King in  Finance  >  Home Equity Loans   Apr 20, 2015  
0
  Likes: 0

12 Steps to Restoring Your Credit for An FHA Back to Work Home Loan
The FHA Back to Work program offers a second chance to homebuyers who have had a bankruptcy, foreclosure, deed in lieu or short sale. The program offers new opportunities for people who have suffered an economic event, but has specific guidelines that need to be followed. They include getting your…
By: onlinejazz in  Finance  >  Home Equity Loans   Jun 27, 2015  
0
  Likes: 0

What is A Tax - deductible Mortgage
Summary Understand the real meaning of tax-deductible Canadian mortgage and how one can make it work to the best of their advantage. Body Canadian Rbc online mortgage rates are unit treated in an exceedingly slightly completely different method as compared to different countries or within the U.S. one among the…
By: MarshRobert in  Finance  >  Home Equity Loans   Dec 13, 2013  
0
  Likes: 0

How to Save Money On Mortgage
Summary Keep the few basic points in mind when yearning for or paying off your mortgage. Be proactive and search around for the correct steerage. Body For many Canadian homeowners, paying off their mortgage is that the favored priority. in keeping with Mr.Gagan Bilga, the leading expert with Rbc mortgage…
By: MarshRobert in  Finance  >  Home Equity Loans   Jan 08, 2014  
0
  Likes: 0

Why Prepay Your Mortgage
Summary Check your mortgage agreement and learn the most advantage of prepaying a mortgage. Body Most mortgage holders would like to get freed from their loans sooner and quicker. Well, there are a unit blessings of obtaining freed from loan if you budget permits you. according to Mr.Gagan Bilga, the…
By: Addy Scott in  Finance  >  Home Equity Loans   Dec 13, 2013  
0
  Likes: 0

Article Views: 1569    Report this Article