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The WebSmartIdeas aims to promote and disseminate good creative ideas to improve
society.
You hear this headline an awful lot "What It Really Takes To Buy A Home With Zero Cash Down Payment"
… mostly in advertisements for get-rich-quick real estate seminars. Even though the application requirements are quite rigid and less forgiving, it is totally possible to get a mortgage without making a down payment by following a few
requirements.
Required Program Qualifications:
1. An Excellent Credit History
Absolutely zero recent history of bad debts
Consistent and timely payment of all previous and current liabilities
2. Disclose A Current List Of All Liabilities
This will determine how much debt the lender will allow you to carry. Examples of any liabilities may be: loans, car, home, co-signed loans, credit cards, boats, R.V’s, motorcycles, property, etc.
3. Be Able To Prove A Minimum Of 3 Years Stable Employment
History
You will be required to show a letter of employment, or if self employed you must show financial statements for the prior three years.
4. The Financial Ability To Pay Larger Monthly Payments
Expect to pay a few hundred dollars extra per month on a zero down mortgage program. Without a down payment you will be required to meet the obligation of larger mortgage payments. Your monthly payments could vary from a few to several hundred dollars more per
month.
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