For some people, putting no money down on a house may be the only way to buy one. And there are several advantages for some borrowers to get a no down-payment mortgage. First-time home buyers may not have enough saved up for a 20% down payment or might want to use the money they’ve saved for other uses like buying furniture or other necessities for their new home. Other possibilities are that they may have found a home and want to lock into it now before the home appreciates to where they can no longer afford it. Or they just don’t want to wait because the sooner they get into the house, the sooner the appreciation value belongs to them.

• Little or no down payment saves you cash at closing!
• Interest only option lowers your monthly payment by as much as 40%!
• Convenient pre-approval process saves you time!
• No Mortgage Insurance. (Required on most loans with less than 20% Down.

• Property must be owner occupied; second homes may qualify.
• Fico Score 640 (Good Credit)
• Normally requires the use of both a first mortgage and a second mortgage
• Debt ratios of 50% or less. Total mortgage payment plus other credit payments divided by your gross monthly income.