By info@shareamg.com 
Buy a Home for Zero Down payment is possible, but it might end up costing you more in the long run because of extra fees and costs that come with this type of loan
Unlock the secrets to buy a home with zero down! Explore programs, tips, and resources to make your dream home a reality today.
Steps:
Ask lenders if they offer any programs with no down payment.. Look in the Yellow Pages under “Banks,” “Savings and Loans,” or “Real Estate – Mortgage.” Talk to the loan department of your financial institution or get a referral from a local real estate agent. You also may be able to find a mortgage online.
- Get in touch with the housing department in your county. Some federally or locally insured/backed financing programs may offer zero-down options.
- Talk to your employer. If you are a police officer, teacher, or member of a large labor union, special financing assistance may be available through professional organizations.
- Ask the owners of the home you’re seeking if they are willing to carry the loan. You may want to offer more than the asking price or pay a higher interest rate to compensate for paying no money down.
- Have good credit. A borrower with no down payment is at a higher risk of foreclosure, so the lender usually asks for a good credit history. Be sure to check with your lender about the details of their program.
Tips:
Most zero-down programs have income limitations and are aimed at certain income levels.
Warnings:
With a zero-down loan, even if your credit and income are great, the interest rate might be higher to cover the extra risk of not making a down payment. Plus, you’ll need to pay for mortgage insurance. Mortgage insurance is not the same as mortgage interest and cannot be deducted from your tax return.
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