| A Discussion On Zero Down Mortgage Loans |
| Articles - Mortgage |
|
For the first time in years, the price of a home has decreased, giving more and more people the option of owning their first home. There are a few different programs that offer even more savings, such as low to zero down mortgage loans. These various programs give the first time home owner incentive to take advantage of the low cost of buying a home.
For the first time in years, the price of a home has decreased, giving more and more people the option of owning their first home. There are a few different programs that offer even more savings, such as low to zero down mortgage loans. These various programs give the first time home owner incentive to take advantage of the low cost of buying a home. There are many mortgage brokers offering specials to attract first time homeowners. Here is a short list of some of the great deals that can be found by either getting on line and applying for them, or calling a loan officer. 1. USDA has a program that is designed for those who would like to purchase their first home in a targeted rural area. There are a few income restrictions, and they get an interest rate of 3. 5%. 2. A lender known as Crown Financial Solutions has a program that targets those with a low to moderate credit score. The interest rate for this program hovers around 3%. Along with private mortgage brokers offering programs to assist in buying a home, the government offers a few options, the most popular being FHA. This program looks at the last 1-2 years of payment history to see if there are any questions about the credit of the person applying for the loan. FHA often helps those with fair to moderate credit history. When applying for FHA, there can't be any bankruptcies in the past two years. The applicant should also have an excellent credit record after the bankruptcy as been discharged. Owning a home is fairly easy as long as your credit history is fair to moderate. With zero down mortgage loans and the price of homes lowering, it is easier than ever to buy the first home. With the prices of homes and programs such as the ones mentioned, it truly is a great time to buy a home. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. If you are looking to Buy a Home then check out Rob Kosbergs' Detailed No Cost report on Buying your Dream Home with a Zero Down Mortgage or for up to date Mortgage info visit my Mortgage Blog |