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Low Down Payment Mortgages

 In recent years, low down payment mortgages have become quite common, whereas several years ago they were very rare.  Actually, 100% financing mortgages are now available in many various shapes and forms. However, not everyone will qualify for these loans.

The key to qualifying for these low down payment mortgage loans is to be strong in every other area of consideration from an underwriting standpoint. For example, the borrower should have good credit, and also not be overly indebted regarding monthly obligations as a percentage of income. Another peculiar trait of 100% mortgage financing is that typically the rates will be a little higher than for a loan for which you make a down payment.  All in all, these products have done wonders for making the American dream of home ownership come true for many people whose only barrier was the lack of a down payment.  During the latter part of 2008, even though still available, it became significantly more difficult to obtain 100% financing than it was in the previous couple of years.

We are happy to discuss this mortgage financing option with you to determine if it is a good fit with your borrowing needs and financial picture.  Contact us today to get started.