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Zero Down Loans

Zero-down loans are becoming more popular as many lenders are offering a loan package including zero-down loans meaning 100% of the house is financed and in some cases even the closing costs are financed.

Zero-down loans give you the ability to get into a home with no down-payment which is attractive to many consumers who have dreams of owning a home but have not yet had the opportunity or the ability to save a deposit.

Many renters find out that they can get a mortgage that is close to or lower than their rent payment and they begin to look into buying a home but perhaps do not have the funds ready to put down on the house. Zero-down loans gives these homebuyers the ability to purchase a home without putting money down.

It is important to remember, however, that the Seller may not be comfortable with a transaction where there is no money being put down at the contract signing, therefore, just because a mortgage company may be willing to give you a Zero-down mortgage it does not mean that the Seller is willing to base a contract on that.

It is a good idea to speak upfront about your applying for a Zero-down mortgage this way you can determine early on whether or not the Seller would sign a contract for a Zero-down mortgage since a down payment is their security that you will complete the transaction - obviously if there is no money in escrow they lose that protection which is why you need to discuss the zero-down loans.

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