No Down Payment Mortgage : What You Need to Know
No down payment mortgages are a type of home financing that allows buyers to purchase a home without putting any money down.
These types of mortgages are typically offered to first-time homebuyers or those with low to moderate incomes.
To qualify for a no down payment mortgage, buyers must have a good credit score and a stable income.
Buyers may also need to meet certain debt-to-income ratio requirements.
Some lenders may require buyers to attend homebuyer education courses before approving a no down payment mortgage.
Buyers may also need to pay for private mortgage insurance (PMI) if they do not have a 20% down payment.
No down payment mortgages may have higher interest rates and fees compared to traditional mortgages.
Buyers should carefully consider the long-term costs of a no down payment mortgage before deciding to pursue this option.
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