Can you buy a house with no money down? The answer is YES! Lots of buyers wonder exactly how much of a down payment they need to purchase a home. Finding the money for a down payment can be one of the biggest obstacles when buying a home. This doesn’t have to be the case, however, with no money down mortgages a possibility.
Many years ago it was not possible to purchase a home without a substantial down payment. That is no longer the case and has been that way for many years. Unfortunately, there are still many mortgage myths floating around that are inaccurate.
Let’s review your options for a no down payment home loan.
Zero Down Payment Mortgages
The down payment is a percentage of the purchase price and is an amount of money required by the lender to reduce their risks. If you have invested a large sum of your own money in the home, you are more likely to keep up mortgage payments to avoid foreclosure.Continue reading