BUY A HOME – 0% DOWN PAYMENT

Purchase:

• 30-year fixed primary purchases only
• Conventional loans
• FHA loans

Property Type:

• Single Family
• PUDs
• Condo
• No manufactured homes

Purchase:

• Up to 97% LTV
• 620 minimum credit score required
• First-time home buyer or 80% of the Area Median Income (AMI) for the address of the property being bought
• Down payment assistance can cover the lesser of 3% or $15,000 of the down payment

How do I buy a home with a 0% down payment?

Typically, when buying a home there is a down payment toward the total purchase price. On Conventional loans, the minimum down payment for a first-time home buyer is 3% and 5% if you have already owned a home within the last 3 years. On FHA loans, the down payment depends on credit scores. Credit scores from 500-579 require a minimum 10% down payment while credit scores from 580+ require a minimum 3.5% down payment. VA and USDA loans do not require a down payment.

You can put a 0% down payment on Conventional and FHA loans! Down payment assistance programs continue to be a valuable resource for homebuyers. The 0% down payment allows borrowers to receive 3% down payment assistance loan, up to $15,000, from Mortgage-World.com. This allows more borrowers get into a home right now with little to no down payment.

What is needed to qualify for a 0% down payment?

There are two ways you can qualify. Either one borrower must be a first-time home buyer or borrowers must be at or below 80% of the Area Median Income (AMI) and meet the HomePossible guidelines requirements with a 620 minimum credit score.

What are the parameters of a 0% down payment loan?

The 0% down payment loan is considered as down payment assistance which can cover up to the lesser of 3% or $15,000 of the down payment. The 0% down payment is a second lien and is due in full as a balloon payment upon refinance or final payment of the mortgage, or a payoff. There are no required monthly payments on the second lien and does not accrue interest. The down payment assistance cannot be used for closing costs.

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