No Money Down Mortgage
Purchasing a home is perhaps the most important financial action you will ever take in your entire life. Therefore, it is important that you do it right. But the thing with mortgages, is that there isn’t one right mortgage that fits everyone’s needs. There are lots of different mortgages that are designed to be flexible, and to suit different situations. For example, if you are worried about not having enough money to supply a down payment, you will be pleased to know that there are mortgages that do not require down payments. Take a few minutes to look into the No Money Down Mortgage and see if it’s right for you.
Request a free Mortgage quote online >>
Overview of No Money Down Mortgages
Most mortgage loans require down payments that can range anywhere from 3% to 10%. Fortunately, the days of a required 10% down payment are gone. There are now quite a few mortgage programs that offer no money down options. The Veterans Administration (VA) and Federal Housing Administration (FHA) are both organizations that offer No Down Payment options. Many individual lenders also offer low or No Money Down Mortgages, or First Time Homebuyer programs that come with No Money Down options.
Request a free Mortgage quote now >>
Common Questions: Advantages and Disadvantages of No Money Down Mortgages
- The main advantage of No Money Down Mortgages is that it allows first time homebuyers to make the transition from renting to home owning much easier. Many renters can afford to make monthly mortgage payments, but cannot afford to save up 5%-10% of the price of their home for a down payment. With a No Money Down Mortgage, new homeowners only have o pay closing fees and monthly mortgage payments.
• The main disadvantage of No Money Down Mortgages is that they are larger mortgages. Since you will not put any money down to start, the balance of your loan will be larger and will take longer to pay off.
Request a free Mortgage quote today >>
