Skip The Downpayment

Many clients are not aware that zero-down is alive and well and offered by a handful of excellent lenders to qualified borrowers. A no-downpayment mortgage is not for everyone – but for well qualified homebuyers, a zero-down plan can get them into their homes faster, saving potentially thousands in rent, and providing a jump start on building wealth.

If you have excellent income and credit, and the ability to manage your mortgage payment and ongoing housing expenses comfortably within your budget, then you could be a candidate for a zero-down mortgage. Consider that the money currently going to rent could be helping you build home equity right now, and that we continue to be in a period of historically low interest rates.

So how can you get around saving that critical minimum downpayment required to qualify for an insured mortgage? You can borrow the downpayment from a line of credit, personal loan or family member. With excellent credit and stable income, your interest rate will be fully discounted. The loan payment of course will be used in their qualifying calculation, and your mortgage insurance premium will be higher. You’ll also need to have funds set aside to cover their closing costs.

We’re here to educate – how to qualify to purchase now without waiting, how to build a downpayment faster, or the steps needed to improve credit so you can qualify for a great rate when the time comes.



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Rasha Ingratta & Mortgage Associates
By Mortgage Intelligence

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