Finding a Home Mortgage with No Money Down
Nationwide Staff

The hardest part of purchasing a home for many consumers is coming up with a down payment. However, there are many products that a potential home owner can utilize that eliminate the need for a deposit. Chances are you will find a mortgage that fits your needs, but be sure to examine your options and be certain of the pros and cons of your choice. "Pretty much every major lender has a low- or no-down program designed to encourage first-time home-buyership," states Michelle Puggarana of the nonprofit Portland Housing Center. "Many of them even offer subsidized below-market interest rates, and mechanisms to help the buyers pay their closing costs. The trick is to sort through all of the programs out there and find the one that's right for you."

If you have special circumstances such as being a first time home buyer or having Veterans benefits there are programs through the Veteran Administration and FHA for no money down home loans. However, if this isn't a possibility for you there an unconventional mortgages that you can investigate as well.

It is possible to be approved for a 100% 1st mortgage. Be sure to consider whether you may need a second mortgage before you a payment option mortgage with a 1% starting rate. Negative amortization, frequently called Neg Am, can restrict your secondary loan options. If there is no equity available in your home, or the equity is diminishing rather than building there possibility for a second mortgage.

Many consumers are also worried about the cost of private mortgage insurance (PMI). PMI is required on loans that are for more than 80 percent of the home's value. There is a way around this, however. Some mortgage companies an 80-20 home mortgage. They offer a 20 percent home equity loan with your purchase to cover the down payment so that you don't have to pay PMI. There are other options as well. For example, if you only have 10 percent to put down as a deposit you also get an 80-10-10 loan. However, with both these options you will have little or no equity in your home which could be dangerous.

In today's market you don't need to have tremendous reserves in your checking account to buy a home. You have to make smart choices, however. Be sure to speak with a reputable lender and examine all your options.

Home Refinancing Mortgage
	Zero Down Home Loans
	Jumbo Purchase Loans
	100% Home Financing
	Option ARM Loans
	No Doc Purchase Mortgages
	80-20 Piggy-Back Loans
	Stated Income Home Loans		Fixed Rate Home Loan
	No Income Verification		Interest Only Loans
	Bad Credit Home Mortgage		Sub-Prime Mortgage
	Second Home Purchase		Negative Amortization