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100 Percent Financing or No Money Down

Getting a home with no money down has become a popular option for many people who want to get into a home but haven't saved enough money for the down payment. These loans have become more popular in recent years and are easier to get than they were five years ago. Recently, these loans have become risky to mortgage banks and investors so the guidelines have tightened up, but these loans are still available.

When you should and shouldn't consider buying a home this way

If you buy a home this way, make sure you aren't getting in over your head. This type of financing can make your payment more than a rent payment, so make sure you've budgeted this loan appropriately. You have to ask yourself questions like, if you haven't been able to save enough for a down payment, are you prepared to purchase a home with a higher payment than you've been making? If you are comfortable with this, then buying is definitely the right thing to do. As you own your home for a few years and gain equity under favorable market conditions, then you can refinance and lower your payment.

PMI or a second mortgage?

If you buy your home with one loan, you may have what is called private mortgage insurance. This insures the lender in the worst case scenario of foreclosure. The investor who holds the note is covered for 20% or more of the loan loss should the property be sold for less than what is owed. The other way is through a second mortgage or home equity line of credit. The rate is higher on this type of financing because the risk is greater that the Note may not be paid in full in the even of foreclosure. Second lien holders get paid with the remaining equity after a first lien holder is paid. Tax considerations are also a reason to select one way or the other form of performing this type of purchase.

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If you are considering a refinance mortgage in California, New York, Florida, Texas or any state within the US, you may find a mortgage quote from our network of lenders. A mortgage refinance quote is available for any one of a number of programs, whether that be a 30 year fixed mortgage 15 year fixed or a shorter term adjustable such as a 5/1, 3/1, or 10/1 Adjustable rate mortgage.

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