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What It Really Takes to Buy a Home With Zero Cash Down Payment

by Craig Romero, Mortgage Analyst,

You hear this headline an awful lot…mostly in advertisements for get-rich-quick real estate seminars. Even though the application requirements are quite rigid and less forgiving, it is totally possible to get a mortgage without making a down payment by following a few requirements.

Required Program Qualifications:

  1. An Excellent Credit History
    Absolutely zero recent history of bad debts. Consistent and timely payment of all previous and current liabilities.
  2. Disclose A Current List Of All Liabilities
    This will determine how much debt the lender will allow you to carry. Examples of any liabilities may be: loans, car, home, co-signed loans, credit cards, boats, R.V’s, motorcycles, property, etc.
  3. Be Able To Prove A Minimum Of 3 Years Stable Employment History. You will be required to show a letter of employment, or if self employed you must show financial statements for the prior three years.
  4. The Financial Ability To Pay Larger Monthly Payments
    Expect to pay a few hundred dollars extra per month on a zero down mortgage program. Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per month.

Note: Understand that since this is such a unique program, not all lenders will offer it. If you plan on going this route, be sure and work with a lender who specializes in this. Also, not all properties will qualify for the Zero Cash Down Program. Your Lender or qualified real estate agent can provide current details.

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