Zero Down Mortgage Loans Is 100 Financing A Good Idea And Can You Get

Zero Down Mortgage Loans Is 100 Financing A Good Idea And Can You Get Approved

Zero Down Mortgage Loans - is​ 100% Financing a​ Good Idea And Can you​ Get Approved?
Are you​ wondering if​ you​ can get approved for a​ home loan with 100% financing? Are you​ also wondering if​ its a​ good idea to​ get a​ mortgage loan with no money down? Here are some points to​ keep in​ mind as​ you​ apply and consider your different mortgage loan options.
To qualify for 100% financing on​ a​ purchase mortgage loan,​ it​ would be important for you​ to​ have a​ credit score of​ at​ least 600 or​ higher .​
If you​ are between 600-650 on​ your credit rating,​ you​ may need to​ go through a​ subprime mortgage lender in​ order to​ get 100% financed .​
If your credit score is​ higher than 650,​ you​ can probably apply with most mortgage lending companies online and be able to​ get an​ approval.
If your credit score is​ between 580-600,​ you​ will probably need at​ least 5% down to​ make the​ loan work with a​ subprime mortgage lender.
Getting a​ mortgage loan with 100% financing can sometimes mean a​ higher rate .​
Sometimes an​ alternative is​ to​ get an​ 80/20 loan,​ which is​ a​ first and second mortgage,​ with the​ first mortgage being at​ a​ lower rate and the​ second mortgage being at​ a​ higher interest rate .​
The benefit to​ doing this type of​ loan is​ that it​ eliminates the​ need for PMI insurance,​ which can be $100 or​ more a​ month,​ depending on​ the​ size of​ your loan .​
Also,​ consider getting quotes for 100% financing and then quotes for 95% financing,​ with you​ putting 5% down .​
See,​ if​ the​ savings on​ the​ interest rate is​ worth putting the​ money down .​
To view our list of​ recommended mortgage lenders online who can provide 100% financing for good and bad credit,​ visit this page:

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