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• Zero Down

Zero Down

A zero down loan is usually considered by prospective home buyers who would like to purchase a home, without using any of their cash resources, or those who have no cash for the down payment.

Zero down programs allow you to buy your home now, instead of waiting to save enough for a down payment.

There are several options available for buying a home with zero down.

1. Get one new loan at 100 percent loan-to-value (LTV). PMI (Private Mortgage Insurance) is usually required to protect the lender in case of default.
2. Get an 80 percent first loan and a 20 second (piggy-back or 80/20) loan. This program does not require PMI, and all interest paid may be tax deductible.
3. Get a new first loan and have the seller carry back a second loan for the balance of the purchase price.

Some zero down programs allow you to borrow 3 to 7 percent of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs.

Feel free to call us at (800) 472-6190, so that we can explain your options based on your specific situation.