Zero Down Mortgage Loans - Is 100% Financing a Good Idea and
Can You Get Approved?
Are you wondering if you can get approved for a home loan with
100% financing? Are you also wondering if its a good idea to get
a mortgage loan with no money down? Here are some points to keep
in mind as you apply and consider your different mortgage loan
To qualify for 100% financing on a purchase mortgage loan, it
would be important for you to have a credit score of at least 600
or higher. If you are between 600-650 on your credit rating, you
may need to go through a subprime mortgage lender in order to get
If your credit score is higher than 650, you can probably
apply with most mortgage lending companies online and be able to
get an approval.
If your credit score is between 580-600, you will probably
need at least 5% down to make the loan work with a subprime
Getting a mortgage loan with 100% financing can sometimes mean
a higher rate. Sometimes an alternative is to get an 80/20 loan,
which is a first and second mortgage, with the first mortgage
being at a lower rate and the second mortgage being at a higher
interest rate. The benefit to doing this type of loan is that it
eliminates the need for PMI insurance, which can be $100 or more
a month, depending on the size of your loan.
Also, consider getting quotes for 100% financing and then
quotes for 95% financing, with you putting 5% down. See, if the
savings on the interest rate is worth putting the money down.
To view our list of recommended mortgage lenders online who
can provide 100% financing for good and bad credit, visit this
mortgage lenders for 100% financing for people with good or poor
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
MORE RESOURCES updated Thu. June / 08 / 2023
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