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Editors Note: Due to the mortgage and credit crunchy, zero down home loans are no longer available. If you’re in need Denver Home Mortgage, we can discuss your mortgage situation.]

Zero down mortgage financing is available to many people. It is very possible for a large number of consumers to qualify for a home purchase without putting any money down. This has become a very competitive market for lenders competing for this business and the number of homeowners who obtain loans with no money down is growing each year.

It is important to realize that while it may be the only way a borrower can purchase a home, a zero down mortgage does carry a higher interest rate. Ultimately the borrower’s goal should be to refinance when there is enough equity to achieve an 80% Loan to Value (LTV).

One option for high credit score borrowers who have minimal disposable cash is to use a 103% loan. This loan allows you to borrow up to 3% in addition to the purchase price to help with closing costs. Ask your preferred mortgage professional if you qualify for a 103 LTV program.

Some conforming zero down programs do require you to contribute at least $500 to the purchase. Your earnest money counts as money towards purchase. You may also be required to pay your hazard insurance out of closing so that will be another out of pocket cost. Ask your mortgage broker for details on the programs they offer.

The most common way mortgage brokers structure “Zero Down” financing is to break the loan amount into a first and a second mortgage, with the first mortgage consisting of 80% of the loan amount needed and the second mortgage being 20%.

Zero down mortgages are a great tool to use, even if you have saved up for a down payment. By choosing the zero down mortgage, your down payment money can now be used for closing costs associated with the loan, moving expenses, new furniture, or any other expenses that you may have when you move into your new home.

If you cannot afford a down payment for your home, there are many down payment assistance programs and grants that may be able to help you purchase your new home. Often these programs are limited to first time home buyers or those with low income. However, there are often no limitations. Call me at and I may be able to find a program that will work for you.

Obtaining a true zero down mortgage is when you will not have to come to closing with any funds of your own. In order to achieve this you will need to either have a no closing cost mortgage which can get expensive, or you can have the sellers pay closing costs. Traditional conforming lenders will generally let the sellers pay up to 3% of your closing costs, while most Alt A and subprime lenders will allow up to 6% in closing costs paid by the seller.

Often times zero down payment programs are available to first time homebuyers. If you need a stated income program you may be able to obtain a stated zero down program with an Alt A or subprime lender.

In 2005, 43% of first time home buyers used zero down programs. You may qualify for one of these programs. Call me now!

Who is Eligible for a First Time Buyer Loan? First time home buyer programs are designed to help borrowers who may not have enough money to pay the full cost of the down payment or the closing costs on a mortgage. These programs make obtaining a mortgage more cost effective. There are even programs specifically for residents of each state. First time home buyer programs are available to those who have not owned a home for the past three years.

A large amount of first time home buyer programs are FHA. Be prepared to spend a few hours in class so you can get a certificate stating your eligible.

Some First Time Buyers Programs require as little as 3% down.

Many other first time home buyer programs require that you either take a course or do a self study program with a workbook to learn about the responsibilities and financial obligations involved with owning a home. Even if these programs are not required by your lender or broker if is a good idea to do them anyway. Talk to your broker they can get you the information about when the classes are or provide you with a work book. Many of these courses and workbooks are provided through a PMI Company

A first time home buyer is considered somebody who has not owned a home in the last three years.

First time home buyers may also have other advantages such as discounted transfer tax. Check your local and state regulations to see what benefits you may qualify for, make sure your mortgage professional is aware that you are a first time home buyer. Some of the advantages define a first time home buyer as a borrower who has not owned a home in the past three years, others require that the borrower has never had any interest in any property.

Some local First Time Home Buyer programs offer down payment assistance. To be eligible, applicants’ household incomes must not exceed an amount set by the program administrators. These income limits are usually calculated by multiplying the Area Median Income with a percentage (e. g. 110% of the AMI). The program administrator may place a lien on the home to prevent the homeowner selling the property for profit shortly after settlement. Such liens usually dissipate after 5 to 10 years.

You may find that there are some mortgage loan programs, usually ones that the lender has a higher perception of risk, that are not available to first time home buyers.

Generally the programs will have a step by step guide to get you thru the process of home ownership.

Editors Note: Due to the mortgage and credit crunch, many down payment programs are no longer be available. If you’re in need of a Denver mortgage contact us to discuss your mortgage options.

There are many acceptable ways to obtain some additional funds for a down payment and closing costs. First time home buyers and investors are more recently applying for 100% financing. If you have funds for a down payment and/or closing costs, this can help to reduce your interest rate.

A Secured Line of Credit such as a Home Equity Line of Credit (HELOC) can be used as a source of funds.

If down payment money is hard to raise for you and your family, talk to us about 100% financing and seller’s concessions.

If you are relocating at the request of your employer, find out if your company offers programs to assist in paying for part of the down payment and closing costs. Many large corporations have such programs as employee benefits. Even if you work for a small company that does not have such programs in place, you may still be able to negotiate for some relocation assistance.

The Genesis and Enterprise are two other programs that will help with down payment assistance. Some of the down payment programs are set up where they put a lien on your property for a certain period of time such as 5 years. As long as you own the property for this amount of time the lien will be released.

Each type of mortgage and lender has different guidelines for what are allowable sources for down payments. Consult with your mortgage broker as to what is the best place to start and how to track the funds for approval.

There are also programs available through non-profit and/or your local, state or federal government called Down Payment Assistance (DPA) programs.

Honesty is the best policy when getting a mortgage. Watch out for anyone who asks you to withhold information from the lender. Some home buyers might be tempted, for example, to fudge the facts about the source of their down-payment money. A lender will assume that the down payment comes from savings. If the money comes as a gift or a grant, that fact has to be disclosed — even if it means the borrower has to pay a higher interest rate or shell out for mortgage insurance.

Family is a great place to start. Talk to your immediate family, parents, brothers, sisters, grandparents, etc. they may be able to help you out with a Gift of funds. This Gift is not a loan, and they will often have to fill out a Gift Letter stating where the funds are coming from and how they are related to you. In some cases a bank statement from them may be required to source the funds.

Many states and cities have bond programs that provide down payments for homebuyers.

A good source for a down payment is money that people with 401k’s have already saved. Using money in a 401k for a down payment on a home, if done wisely can be just a good of an investment in their future. Real Estate normally is a low risk investment when compared to other types of investments. Homes usually appreciate over time under normal conditions. This appreciation over time can often outpace the gains made in a retirement account.

Another source for down payment assistance are grant assistance programs such as the Nehemiah program that you do not have to pay back! You can get as much as 6% down of the final contract sale towards down payment or closing costs.

There are many lenders in today’s market that can help a person who had some event that caused them to either file bankruptcy or get behind on the bills. These lenders are called subprime lenders and many have really aggressive programs.

Consider using a 401k loan, or withdrawal, in order to come up with a good sized down payment on a home to help you qualify for a loan with less than perfect credit or even very bad credit. Many times you can get away without being penalized by the IRS if you use a 401k withdrawal for a down payment for the purchase of your first house.

If you have consulted with your mortgage professional and are still having trouble buying a home with poor credit, consider looking into buying a house through a land contract. With a land contract you buy the home from the seller, however the seller retains the mortgage loan and you agree to make monthly payments of a certain amount to them for a certain period of time. You do not take title to the property until you obtain your own financing on the property.

An important part of getting a mortgage with less than perfect credit is to make sure that you are paying your rent on time and by a check. This will show the lender that you have the ability to pay as some mortgages are based solely off of the rent history.

A lot of times credit issues can be resolved fairly quickly with systems that lenders use like “Rapid Rescoring”.

Some loan programs will allow you to purchase or refinance one day out of bankruptcy (some up to 100% loan to value) and others will allow a bankruptcy buy out to refinance (Chapter 13). If you are looking to do a bankruptcy buy out, you must first get permission from the bankruptcy judge and make sure your payments on the plan have been current for at least 12 months. By rolling the bankruptcy into your mortgage debt you could save hundreds every month. It is also a good idea to think about debt consolidation before filing for bankruptcy. It could save you money and not hurt your credit like a bankruptcy will.

You may want to consider professional credit improvement programs, which can boost credit scores to qualify for bad credit mortgage programs

Banks evaluate the credit worthiness of a loan application by three major criteria, credit, income, and assets. Potential home buyers with bad credit profiles should scrutinize their other two aspects. A mortgage applicant with poor credit can most likely get home financing if his income is proved to be sufficient to repay the loan and his other debts, and if he has ample assets as reserves after making a large down payment towards the house.

When considering getting a mortgage with poor credit it is often important to employ a long term strategy. One such strategy might be to take a two year fixed subprime loan and pay off consumer debts through the loan. With the debts paid off and better monthly cash flow the borrower should have a much better credit score two years down the line. At that time the borrower can refinance into a more permanent financing program such as a thirty year fixed.

The best way to get a Mortgage with poor credit, is a large down payment. The more money you put down, the easier it will be to get a mortgage. But even if you can not afford a large down payment, there are loan programs for people with poor credit and there are also down payment assistance programs.

There are many sub-prime and niche lenders available to people with poor credit. These lenders have very aggressive programs available to help almost any borrower. There are even programs available for 100% financing. A qualified mortgage professional will be able to find you the best lender to fit your particular situation.

Editors Note: Due to the mortgage and credit crunch, Low Down Payment Mortgage Programs may no longer be available. If you’re in need of a Denver Colorado Mortgage contact us to discuss your mortgage options.

Here’s no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to homeowners, buying a home also can be one of the best financial decisions you’ll ever make. Problem is, many would-be homeowners remain renters simply because they mistakenly believe mortgage lenders require that buyers come up with 20 percent of the purchase price as a down payment. While it’s true lenders feel it’s less risky to work with buyers who are able to bring a substantial down payment to the table, the standard 20 percent requirement is fast becoming a relic of the past. In recent years, lenders have become more flexible in working with first-time homebuyers by creating a variety of special programs that require only a small down payment. These programs, combined with the most favorable interest rates in two decades, have encouraged growing numbers of renters to consider the tremendous benefits of home ownership.

Private Mortgage Insurance: Most major lenders offer privately insured mortgages, which generally require a 10 percent down payment (although some lenders offer loans with a 5 percent down payment to buyers with exceptional credit). These loans typically are not limited by maximum loan amount or purchase price limitation.

While the list of programs offered by individual lenders is too extensive to mention in detail, here are some common programs you are likely to come across as you work with your real estate agent to purchase your first home: Federal Housing Administration (FHA): FHS mortgages allow homebuyers to purchase a home with as little as a 5 percent down payment, and to finance all non-recurring closing costs. The current maximum loan amount in most urban markets is $151,725. In addition, borrowers are allowed to use up to 41 percent of their gross income toward paying mortgage debt – well above the ratio allowed under most private programs.

Mortgage Revenue Bonds and Mortgage Credit Certificates: Mortgages funded with these instruments typically require a minimum of 5 percent down and have interest rates that are 1.5 to 2 percentage points below conventional 30-year fixed rates. These types of loans, offered by state and local housing agencies, are available only to first-time homebuyers. There generally are income and purchase price caps that vary, depending on where you plan to buy.

Department of Veterans Affairs (VA): VA mortgages allow veteran or active service personnel purchase home with no down payment, up to the current maximum price of $184.000. However, there is no purchase price limitation for buyers able to make a down payment. Like the FHA program, VA borrowers can put up to 41 percent of gross income toward their mortgage debt.

Clearly, there are a lot of options for first-time homebuyers. While lenders will be more than happy to share information about their own programs, you can save yourself a good deal of time by first selecting a professional loan officer who is experienced in working with first-time buyers in the areas where you plan to buy. An agent who focuses on first-time buyers will know from experience which lenders in your area offer a low down payment program that will meet your unique needs. Today, taking the first step toward owning your own home is easier than before. Your real estate agent is your best resource for finding innovative ways to help you come up with a down payment and qualify for financing. There’s certainly no need to wait until you’ve saved a 20 percent down payment!

Piggyback mortgage strategies incorporating up to 80% first mortgage and up to an additional 45% in the form of a second mortgage or equity line of credit can allow borrowers with all types of credit to own a home with no money down.

In the case of many of today’s lenders, there may not be any down payment required. Lenders are constantly looking at making more and more programs available to people looking to purchase a new home. Lenders are willing to do 100% loans, with a credit score of 560 or better. This may not be the best option, that is why it is best to know that there are several low down payment programs, that may also be available to you.

In addition there are down payment assistance programs that can help with thousands of dollars for down payment and closing cost. Most cities have grant programs available that don’t have to be paid back.

Community Homebuyer Program: Through their networks of mortgage lenders, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) offer Community Homebuyer Program loans. These programs require a 5 percent down payment, 3 percent of which may be a gift. To further help buyers qualify, applicants may use 38 percent of their gross income. Currently, the maximum loan amount available through these programs is $203,150.

Editors Note: Due to the mortgage and credit crunch, many First Time Home Buyer Loan Programs may no longer be available. If you’re in need of a Denver Mortgage contact us to discuss your mortgage options.

Today, there are many first time homebuyer programs to choose from.

FNMA and FHLMC has several loan programs with features designed to benefit First Time Home Buyers.

Buying a home can be a daunting experience — even for a savvy veteran. When it comes to a first time home buyer, it’s downright scary. It can keep you awake all night. There’s a whole new language to learn and your personal financial life is hanging out for a bunch of strangers to examine and rule on. It’s confusing and intricate with a million things to remember and follow up on. Not to mention the basic underlying questions: Is this house really worth the money? Will the value go up or down? Am I buying in the right neighborhood? What if the house falls down soon after I buy it? Am I doing the right thing? Should I just rent for another year? In the light of day, however, it’s a business transaction that thousands go through every day. If they can do it, so can you.

In today’s aggressive residential finance marketplace, it has become increasingly easy for people with good and even fair credit histories to take advantage of promotional first time buyer programs which allow for no money down 100% bank financed mortgages incorporating closing costs, as well as aggressive introductory rates on the mortgage and on HELOC’s and credit cards from the same lender.

Another way to get some, if not all, of your closing costs paid is to have the seller of the home contribute a percentage to be applied towards your closing costs. The most common is a 3% contribution and most contracts have a provision for this. Ask your realtor how to structure your contract.

80/20 –no money down combination program. Eliminates mortgage insurance with 80% First Mortgage, 20% Second Mortgage.

Many of the first time homebuyer programs require as little as $500 from the borrowers own funds. The rest can come from gifts, grants, or seller concessions.

FHA – often the best choice in first time home buyer programs. Requires 3% down and upfront mortgage insurance.

Fannie Mae My Community Mortgage 97 or 100% is a great loan for the first time homebuyer with little or no down payment as well borrowers with little or no credit history.

A first time home buyer may also qualify for the Down Payment Assistance Programs as well by qualifying for any owner-occupied home loan from a lender who accepts grant funds from a nonprofit organization, and by purchasing a participating home from a seller who agrees to make a contribution to the program after the home closes.

A first time homebuyer is someone who has NOT owned a home in the last three years.

The Texas First Time Homebuyer Program provides below market interest rate mortgage loans through a network of participating lenders to eligible families and individuals who are purchasing their first home or who have not owned a home in the past three years.

There are great first time home buyer programs for neighborhood champions. Teacher Flex if for a full or part time teacher, administrator, librarian, counselor, administrative staff and support ampersand custodial staff. Police and Firefighter Flex is for full time sworn member of a police department, sheriff’s office, corrections department or other agency who is responsible for law enforcement or offender detention, full-time sworn member of a fire department who is responsible for fire suppression, emergency medical response, ampersand terrorism response. Medical Worker Flex is for a medical resident, physician or fellow: full time dentist, oral surgeon, dental assistant; full time healthcare employees including RN, LPN, LVN, CAN, AUA, UAP, physicians assistant, licensed medical technologist or therapist.

It is important that you get away from renting and become a homeowner in order to start building your equity for future upgraded home purchases.

There are also loans where the first time homebuyer may opt to roll the closing costs into the loan.103% - allows 3% of the purchase price to be rolled into the loan.107% - allows 7% of the purchase price to be rolled into the loan.

Editors Note: Due to the mortgage and credit crunch, First Time Homebuyer Mortgages may be harder to obtain. If you’re in need of a Mortgage in Denver contact us to discuss your mortgage options.

A first time homebuyer can purchase a home and obtain a home loan with zero money down many times. The better your credit is, chances are the better your mortgage interest rate(s) will be.

In some states/counties, first time homebuyers are entitled to a discount on some of the fees associated with purchasing a home. There is often a discounted transfer tax. You may be required to sign an affidavit stating that you are a first time home buyer. The affidavit will also define what qualifies as a first time home buyer. In some instances you can not have owned any interest in any property ever, in some cases it is if you have not owned any property in the past three years

Lenders are constantly coming out with new mortgage programs to help first time home buyers purchase a home. Check with you local mortgage professional to see what programs are available for you.

First time homebuyers who don’t have a down payment end up doing an 80/20 and usually on a 2/28 or similar product. It just makes better since because getting one loan or a fixed rate would result in a larger monthly payment.

When you are making an offer on the home you should ask for seller concessions. Many lenders allow seller concessions up 6%. These concessions will cover all the closing costs and will allow you virtually zero out of pocket expenses.

You may also be able to use a down payment assistance program if you cannot secure 100% financing and have no down payment of your own.

Editors Note: Due to the mortgage and credit crunch, First time home buyer mortgages may be harder to obtain. If you’re in need of a Denver FHA Mortgage contact us to discuss your mortgage options.

Many people dream of owning a home but the home loan process can be confusing for many first time home buyers. Mortgage lenders offer first time buyers with many home loan options and assist the buyer in finding the best home loan for them. First time home buyer programs can offer lower interest rates, low down payments, or reduced taxes.

If you’re a first time home buyer and need help paying closing costs, consider a loan that allows you to roll your closing costs into the loan amount. 103% - allows 3% of the purchase price to be rolled into the loan. 107% - allows 7% of the purchase price to be rolled into the loan.

Many lenders and insurance companies offer a First Time Home Buyers Education course that is free. Some first time home owner loan programs require you to take this course. The company that offers the course will often issue a certificate once the course has been completed.

Be sure to get pre-qualified by your mortgage professional so that you will know how much you can afford to spend on a home. There are many different first home buyer loan programs available. It’s important to consider all aspects of the program, not just the amount of the down payment, to ensure that it will be the best one for you both initially and over the next several years.

If you have not owned a home in 3 years you are considered a first time homebuyer and can be eligible for first time homebuyer programs.

Some of the programs require you to be a true first time home buyer. This means that you have never had any interest in any real property, ever, compared to some other programs that simply require a three year window with no ownership.

Many states and local counties offer down payment assistance programs to First Time Home Buyers. To qualify, most such programs require that the FTHB’s incomes be within a certain limit. There may also be limits on the property locations and project developments. These programs also have measures in place so assistance recipients cannot profit from selling the homes or refinancing the mortgages to cash in the equities built in the homes within a specified period of time.

Fannie Mae and Freddie Mac both have 100% first time home buyer programs. You may have to pay Private Mortgage Insurance (PMI) There are alternatives to paying PMI, ask you mortgage broker for more information.

With an abundance of no and low down payment loan programs along with loan programs that allow seller contributions toward closing costs, the climate as never been easier for the first time home buyer.

If you are a first time home buyer, please speak with a loan officer and your realtor or seller about seller’s concessions which may help cover closing costs in a no money down or 100% financing scenario.

Ask your mortgage broker about what first time home buyer programs that are available to you. You might even qualify for a down payment assistance program. There are several down payment assistance programs that may be able to grant you the money for your down payment. The grant must be agreed upon by both the seller and buyer, and must be in the offer to purchase. The grant money does not need to be paid back, and could help you qualify for your first home!

Some of the first time home buyer programs can be used with multiple down payment assistance programs on the local and state level as well.

There are some differences in Buyer’s Assistance programs though. Some programs will actually put a lien on the property for a certain period of time. As long as you own the home for that time period the lien will be released and won’t have to be paid back. You might want to ask about the program if you are looking at this option to determine if it will fit into your needs.

Many first time home buyers purchase property with no money down.

In 2005 43% of first time home buyers used 100% financing. That’s right! No money down! Those buyers only had to pay their closing costs.

Being a first time homebuyer can be a scary yet exciting time for a family. Along with the freedom and pleasure of owning your own home come many responsibilities. You will now have to pay property taxes, homeowners insurance, maintain the upkeep you your lawn, landscaping and exterior of your house, be prepared for inside home maintenance and take care of old worn out appliances in your home. When you furnace goes in the middle of winter there will be no landlord to call to come over immediately and have it fixed or replaced. However the rewards of owning your own home tremendously overshadow these minor responsibilities. Being a homeowner allows you to have the freedom you have always desired to have with YOUR OWN HOME. This home will belong to you and is yours to do with as you please. No more rules from parents or family members, no more landlord restrictions, no more neighbors that live above you and below you as in the apartment you just moved out of and no more having to be quiet as a mouse so that you will not disturb your neighbors through the paper thin walls in your apartment building. You make your own rules now. Being a homeowner gives you tax advantages during income tax time, it provides you with an investment of your money, and it provides you with a place to grow memories for yourself and your family. A good mortgage professional can help you understand what to expect during your first years of homeownership and will walk you through step by step of the mortgage process so that you understand what is going on throughout the processing of your home loan application. Find a mortgage professional that comes highly recommended from a family member or friend, or make sure you find someone you can TRUST when you are looking to buy your first home. This will truly make a big difference.

There are many programs for purchasing a new home with no money down. Perfect credit is not required and in most cases closing cost up to 6% of the loan amount can be financed into the loan.

Not only can you acquire 100% purchase which entails no down payment money, but a good real estate professional can also get the seller to pay closing cost. Which means no money out of pocket at all.

Find a good loan professional in your area to give you an overview of the process and also get pre approved so that you know what price of home you can purchase.

Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more.

Your mortgage broker can recommend a realtor in your area that specifically works with first time buyers. They will be more sensitive to 1st time buyers needs as well as their constraints.

With the many 100% financing mortgage programs available today you may not need to use a down payment assistance program if you have fair credit. Ask your mortgage broker the pros and cons of each scenario.

Editors Note: Due to the mortgage and credit crunch, down payment requirements have increased. If you’re in need of a Denver Home Loan contact us to discuss your mortgage options.

Many buyers look at their cash on hand as their only source for their down payment. This simply is not the case. One way to fund or partially fund a down payment is by using a gift. Parents, grandparents and other family members are often eager to help by making a cash gift toward the purchase of your home. There are also down payment assistance charities that can help you. And, of course, if you are selling a home, the equity you’ve built up can be applied to your down payment.

Another good source for a down payment is to borrow against your employer’s retirement plan.

Many states and counties offer down payment assistant programs for homebuyers. Government down payment assistant programs often have some restrictions, such as the homebuyer must not own any other properties, and the property being purchased has to be the home buyer’s primary residence, etc. Many programs also stipulates that if the homeowner sells the property at a profit or refinances the mortgage to withdraw cash within a certain number of years, the homeowner must repay all or a portion of the funds he received as down payment assistance.

Lots of Gift programs out there. Nehemiah(sp), heart program etc. Just make sure that if it is not an FHA loan that the HUD does not disclose where it is coming from. I had this conversation with Argent and a few other lenders recently and they just do not want to see it on the HUDS that it came from one of these places. Otherwise you are fine. All they want to see is certified funds. FHA, on the other hand, doesn’t care. These programs were designed around FHA and FHA loves them so you can do a 100% FHA loan instead of a 97%.

Often the lender will require the Gift fund to be seasoned or have been in the bank for a certain amount of time.

For those with good credit scores there are 103% programs available. There is no down payment and the 3% is used to cover closing cost. As you can see there are many sources for down payments that you may not be aware of. If you want to buy a home and do not have down payment money available go ahead and contact your mortgage broker and he/she can help you decide what might be best for you.

For borrowers with good credit who can qualify for 100% financing, it may be worth considering speaking to the seller about a seller’s concession to help with up front cash requirements.

Some companies have down payment assistance programs for employees who are relocating at the request of the employer. Others offer low interest rate loans to employees to be used as part of a down payment. Even at companies that have no such programs in place, some may be willing to offer some form of assistance.

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