Buying a Home without a Down Payment

In general, property values will rise after purchase, allowing you to create home equity. In response to this, mortgage brokers created no-down-payment mortgages. A no-down-payment mortgage means that you are financing 100% of your home.
If you are a prospective homebuyer with good credit but can't finance that huge down payment on your mortgage, you might want to consider a no-down-payment loan. Often people with good credit prefer to use their money for home equity purposes instead of a down payment.
It is important to meet with several mortgage brokers to determine what your needs are and how your budget, credit, and income factor into an agreement.
Is a No-Down-Payment Mortgage for You?
People who can only buy a home if there isn't a down payment and people who choose to invest in home equity often opt for no down payment loans. If you are a first-time homebuyer, you may not have saved up the required amount that mortgage brokers are asking. But, 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:
· Maximum amount of loan is $300,700
· Minimum 700 credit score
· You must occupy the property for which you're receiving the mortgage
· You must have 3% in cash for the transaction for closing costs
· Total monthly debt to income ratio cannot exceed 41%

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