Buying a Home without a Down PaymentBy Marianne Salina
Loan Page Columnist
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If you are a prospective homebuyer with good credit but can't finance that huge down payment on your mortgage, you may consider a no-down-payment loan. Often people with good credit will prefer to use their money for home equity purposes, such as furniture for their new home instead of a down payment.
Is a No-Down-Payment Mortgage for You?There are a few people who opt for no down payment loans: people who can only buy a home if there isn't a down payment and people who choose to invest in home equity. If you are a first-time homebuyer, you may not have saved up the required amount that mortgage brokers are asking, and if you have good credit, the no-down option may work for you.
There are a few requirements for securing a no-down-payment mortgage:
Sources:Understanding No Down Payment Mortgages, Home Purchase Center, Quicken Loans Zero Down Mortgage
About the AuthorMarianne Salina is a freelance writer and columnist in Spokane, Washington. She graduated with honors upon receiving her B.A. in Literature/Creative Writing from UC Santa Cruz.
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