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No payment down mortgages

Are you unable to afford a down payment on a home?

Have you ever considered a no down payment mortgage? These mortgages, also known as zero-down mortgages, allow potential homeowners the luxury of financing their entire mortgage. Many Americans are either unable to put enough money down, or they may have other needs for which to conserve their savings. If you are one of these Americans, then this is the option for you. Especially if you are a first-time home buyer who hasn’t had the opportunity to save up the large 20% down payment necessary for most home loans.

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What if I don’t have perfect credit?

If you are afraid of your credit not being good enough to be considered for a no payment down loan, find out exactly what it says. Get a credit report, now. Discovering your exact credit score is the first step in preparing to apply for a loan of any kind. If your score is not where you want it to be, regardless of the reason, time and making consistent payments each month can repair your former mishaps. You may also want to consider paying off high interest credit cards, paying more than the minimum payment each month on other credit cards, and be sure that all of the information contained in your credit report is correct. If there is a bankruptcy on your credit history, some lenders may require that at least two years have passed since your bankruptcy in order to qualify for a zero-down loan, so get all of your information together as soon as possible. You may also want to consider enrolling in a debt consolidation program. These types of programs have professionals whose job it is to assist in improving people’s credit. They can direct you to resources and strategies that will allow you to improve your credit as quickly and affordably as possible. The more work that you devote to your credit will result in better financing options from more lenders.

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After understanding, and perhaps working toward repairing, your credit history you will be ready to apply for a no down payment mortgage. It is important to understand all of the options available to you, and you should also be cautious of several factors. Most importantly, be aware of no payment down mortgage loans with PMI. PMI, Private Mortgage Insurance, is a premium that some lenders require borrowers to pay if they have less than 22% equity in their homes. Oftentimes, it is quite a substantial premium in addition to a mortgage payment. If there are no other loans for which you qualify, try researching an 80/20 piggyback loan or other financing options. Regardless, there are many options available to potential homeowners.

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