Zero Down 100% Financing possible even with damaged credit!
Now Zero Down loans are very popular for purchase or refinancing.
If you qualify several options may be available.
Call for details!
Subtitle Zero and 3% Down Payment Loans
Through Fannie Mae’s and Freddie Mac’s Automated Underwriting, borrowers with excellent credit can get expanded loan amounts up to 100% of the value of the home.
Traditional Fixed-Rate Mortgages
These mortgages get their name from the fact that the interest rate will not move up or down, but is "fixed" throughout the life of the loan. Fixed-rate loans are especially popular when market interest rates are low.
Adjustable Rate Mortgage (ARM)
Just like the name implies, the interest rate on these loans adjusts, or moves up or down, according to an index. The interest rate on an ARM usually starts out lower than prevailing rates on fixed-rate loans. ARMs are great for borrowers who expect to remain in their homes just a few years before moving again.
Federal Housing Administration (FHA) and Veterans Administration (VA) Loans
Government-Backed Loans - Government loans refer to those loans that are guaranteed by one of two federal agencies. The two types of government loans are: Federal Housing Administration (FHA) loans, and Veterans Administration (VA) loans. The advantage of financing using FHA loans are that they are easier to qualify for and allow a borrower to finance more of the loan amount than non-government loans. Whereas with a Conforming loan a borrower may only be able to finance 80% of the loan amount, a FHA loan allows a borrower to finance 97% of the loan amount.
FHA loans are recommended for those borrowers who are first-time buyers, have little money to put down, have a short credit history, or are having trouble qualifying for a Conforming loan. The two main advantages of financing using VA loans are that the VA allows borrowers to finance 100% of the loan amount, and that, the VA only requires proof of veteran status to qualify for the loan. The only drawback to government loans is that mortgage insurance is required at all loan to values (LTV), unlike Conventional and Jumbo loans where payment of mortgage insurance is determined by the amount of equity a borrower has in his home.
Community Home Buyers Programs
Popular program for first-time home buyers is sponsored by the Federal National Mortgage Association, or Fannie Mae, the government-related entity that designs mortgage guidelines. With Fannie Mae’s program, lenders are given more flexibility in deciding how much a borrower can afford in monthly payments and in the amount of down payment that is required.
