Lately, I’ve been getting some inquiries regarding the option of buying a house with no down payment. In reality, there are no more ‘zero down’ mortgage programs available. However, there is a program that exists that is very similar and that can help you purchase a property with no money as a down payment.
It’s called a free down payment mortgage, and essentially the bank offers to pay your 5% down payment on your behalf when you qualify for a 5 or 7 fixed year mortgage. What will you need to qualify?
- An employment record of at least 1 year at your current job
- A credit score of at least 640
The current rate for a 5 year fixed zero down payment mortgage is 5.50%.
If you’d like more information on this program or would like to apply for a pre-approval, you’re welcome to contact me here.
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Hi Niinii Unfortunately, there really isn't much you can do unless you can find someone to co-sign on the deed that has good credit. Lending institutions are looking for either a large down payment, or an employment record with a good credit score. An individual who has no down payment and bad credit history is unlikely to find any lender that will take a chance on a mortgage. Lang
You're most welcome, Meg. Glad the article was helpful. :)