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Go through the home buying process without making a down payment! Our Zero Down Payment Loan gives you the ability to buy your new home without putting any money down. When you’re ready to close, your friends and family can help you pay your closing costs, making your new home more affordable.
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When you purchase a home, the first payment you make is your down payment — a percentage of the total amount you owe, which is due at closing. For example, if you purchase a $250,000 home and make a 20% down payment, you would bring $50,000 to your closing.
Mortgage lenders require a down payment to protect themselves if you default on your loan. Many lenders prefer borrowers who can make a 20% down payment, so saving as close to 20% of the home's purchase price is ideal.
Down payments can be a major hurdle for homebuyers, as it may take years to save up such a large amount of cash. However, it's possible to purchase a home without a down payment by taking a Zero Down Loan.
A Zero Down Payment Loan is a mortgage loan you can get without making a down payment.
A Zero Down Payment Loan is a great option for homebuyers who lack the savings to make a down payment. It allows borrowers to purchase a home without waiting to build up enough savings to put 20% down.
Making a 20% down payment may not be the best decision if it empties your savings. Instead, you can preserve the money you've saved up by opting for a zero-down payment loan. You'll have more money in the bank to put toward your other needs and expenses, such as building your emergency fund or making home repairs.
