No Money Down Mortgage Loans - Ways To Get Approved For a
Home Loan Online With Zero Down
No money down mortgage loans enabled more people to own their
own home. The following ways will help you get approved for a
home loan online with zero down.
Good Credit Ratings
In order to qualify for a zero down mortgage, you need to have
good credit. The high-risk of having zero down make many mortgage
lenders picky about late payments. Typically, after three years
of perfect payments and a FICO score of 600, you can qualify for
a zero down mortgage.
Zero down mortgage loans are a higher-risk for mortgage
lenders, so they like to see higher cash reserves of applicants.
Mortgage lenders also like to see a low debt to income ratio, so
pay down short-term debts like credit cards. Additionally, a long
employment history proves you have reliable income, a desired
trait by mortgage lenders.
Save For Closing Costs
Most mortgage lenders will require you to pay the closing cost
of a mortgage loan, even a zero down mortgage loan. These fees
often will run into the thousands, but some lenders will add this
into the loan up to 3%. You can negotiate this with your mortgage
lender, particularly if you are a first time home buyer.
Don't Overbid On A Home
With a zero down mortgage, you can only borrow what the home
is appraised for. However, many home buyers overbid on the price
of the home, making them ineligible for a zero down payment
Make sure your potential home is in an area with rising real
estate prices, so the mortgage lender will be more likely to
approve the loan. Also, find out the appraised value of the home
before making a bid to ensure you don't go over your limit.
It is estimated that only one in four zero down mortgage loan
applicants complete the loan process. Some are denied due to the
mort stringent requirements, but many choose to put down at least
a small down payment.
When you apply for a mortgage loan, be flexible with the
options presented to you. You may find a piggy-back loan, a small
down payment, or an interest only loan are better financial
choices for your situation.
To view our list of recommended mortgage lenders online, visit
this page: Recommended
Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website online about various types of loans.
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