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Some Mortgage Loans are Available with Absolutely no Money
Needed From You
Today, FHA will loan up to 97 percent of the purchase price of
a home, meaning a borrower only needs 3 percent. The three
percent down payment can come in the form of a gift, and closing
costs can be financed into the loan, making this a true no money
out of pocket purchase transaction.
Now, you may be thinking, I don't have anyone to gift me the
money for a down payment, so what good does this do me?
Not to worry.
There are organizations that specialize in this kind of
mortgage transaction. If you have a good mortgage professional,
ask him or her about AmeriDream Inc. or the Nehemiah Corporation.
Both of these companies offer gift down payments.
Don't worry about qualifying, if your credit isn't perfect.
Unlike conforming lenders, who want good credit and other things
that make qualifying for a mortgage difficult, FHA is not a
credit score driven program. In fact, you can even have a
bankruptcy on your credit and still get an FHA loan, along with a
very good interest rate. (Your bankruptcy must be discharged for
two years.)
Even if you have a very low credit score and other problems,
like collections, you can still get the loan.
Just check with your mortgage professional, and a true no
money down loan can be yours.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about his suspense thriller at http://www.sportsnovels.com Get
his free mortgage finance course at http://www.winningthemortgagegame.com
 MORE RESOURCES updated Fri. September / 03 / 2010
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Your equity is the amount your home is worth, on the
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