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No Money Home Loan What is And How To Get A Fantastic Deal

Dec 18th 2011 at 11:27 PM

In today's world where money is tight and the real estate market has plummeted, jobs are unstable and prices of everything and anything is high, how is it even possible to dream about owning a house? The chances of coming up with the full amount on your own is near impossible, but with bad credit, or no money for a down payment what are your options? Do you have to give up on your dream to own your own house or is there a way to achieve this dream? Well you'll be glad to know that you do have options and it's not as dark out there as you think. Today getting a no money down home loans is rather simple.

The advantages of asking for a no money down home loan are clear. Generally mortgage brokers will require new home purchasers to put down a down payment of 3-20% of the cost of the house. In today's market, these figures make it extremely difficult for the average family to even save money to buy the home. Home loan brokers got wise and instead of denying the opportunity to purchase a home for most of the working class, they took a different approach and began to offer a selection of home loans for different needs.

The no money down home loan is as stated a loan which does not require the person requesting the loan to put any money down. The disadvantage of this kind of loan is that the interest rate may be higher, but not ridiculously high. If your credit level is high then the interest rate is negligible. However, fortunately for some good credit is not a requirement for a no money down home loan. You are liable for this type of loan even if you have bad credit.

Different kinds of No Money Down Home Loan Programs

You can also get a no money down home loan which is 100 percent mortgage financing for 103 percent or 107 percent financing. For a home that needs revamping the 107 percent financing is a really good option.

In order to get the more than 100 percent financing you need to have a fair to good credit rating. Normally a 600 point score is the requirement for a 103 percent full document loan. For 107 percent loan, a requirement of a minimum of 680 points is needed.

If you are self employed you can also get approved for a no money down loan. You will need to provide a year supply of banking statements, tax returns of the past two years and a 650 point credit score. If you have bad credit this will not disqualify you. You can still get a no money down loan for a bad credit with a point score as little as 580.

 

Article Source: http://www.streetarticles.com/home-equity-loans/no-money-home-loan-what-is-and-how-to-get-a-great-deal
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