The professional mortgage lenders at Team Mortgage Company know firsthand that the cash required for a down payment and closing costs often deters new homebuyers. Fortunately, our expert lenders can provide you with alternative options for a mortgage loan requiring zero down at closing.
A zero down loan helps you to finance your new home when you lack the cash to pay your closing costs and a down payment. Zero down loan programs allow you to buy your home sooner, instead of waiting to save enough for a down payment.
Some zero down programs allow you to borrow 3 to 6 percent of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs.
PMI is an additional charge you pay if you make less than a 20 percent down payment. This insurance policy protects the lender in the event of a payment default or foreclosure, and the loan is not paid off in full.