Zero Down Mortgage Loans
The professional staff at Team Mortgage Company knows that the cash required for a down payment and closing costs can often be a deterrent to new homebuyers. Fortunately, our expert lenders can provide you with alternative options for a mortgage loan requiring zero down at closing.
A Zero Down loan can help you finance your new home even when you don’t have enough cash to pay your closing costs and make a down payment.
Zero down programs can allow you to buy your home sooner, instead of waiting to save enough for a down payment. In comparison, Rural Development loans allow you to get one new loan at 102 percent loan-to-value (LTV).
Some zero down programs allow you to borrow 3 to 6 percent of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs.
PMI is an additional charge you pay if you make less than a 20 percent down payment. This insurance policy protects the lender in the event of a payment default or foreclosure, and the loan is not paid off in full.