How To Get A Mortgage With No Down Payment
If you want to buy a house but cannot afford the down payment, then you need to know how to get a mortgage with no down payment. Before the financial crisis, it was easy to get a mortgage with no down payment (all you needed was to be alive and breathing), which was indeed what caused the financial crisis in the first place. However, ever since the crisis, there has been attempts by the central bank of many countries to stimulate the world economy. An increase in government programs that will lend you money to buy a house with little or no money down has been seen. In this article, we will show you options which you can get you a mortgage with no down payment.
- If you are a veteran, then you are in luck. Many lenders are willing to lend to a veteran with no money down because there are a ton of government programs that support such lending. VA mortgages almost never requires a down payment of any kind, and they have low closing cost. If you belong in this category, then you can find these loans easily online or talk to a lending advisor.
- Find loan programs that are flexible enough for you. There are loan programs that will get you a mortgage with no down payment, provided that your payments increase a little bit each month. While that is all fine and great in the beginning, you might have to refinance later, probably due to the high monthly payments you will have to make. You need to be cautions with these programs.
- Find other alternatives. While it may be difficult for you to get a mortgage with no money down, you may secure a mortgage with very little money down. Government programs such as "FHA" loan will give you a mortgage with as little as 3.5% down payment. You might want to consider that as well.