Move in Right Away with Zero Down Homes

2007-10-15 12:53:47

( Financial )



The Trouble with Down Payments

Typically, buying a home means that you have to pay several fees and closing costs. Of these closing costs, the biggest would be the down payment which constitutes about 10 to 20 percent of the agreed selling price of the home. You need to pay this amount first out of your own pocket before you can close the no modeal and move into your new home.

Sometimes you may not have enough funds to cover the down payment, and need to resort to more borrowing just to comply with the home buying requirements. You could generate the down payment either by borrowing from relatives or friends or by getting a cash advance from your employer or credit card.

The Zero Down Homes Website

At Zero Down Homes, you can easily find the ideal home and may qualify for little or zero money down payment requirements.

Zero Down Homes has a list of home it is offering for sale, complete with detailed information on location, year built, price, lot size, number of bedrooms and bathrooms, and other amenities. The site also shows photographs of two to three other angles of the property for a better perspective. Each property also provides the name and contact information of the realty broker or agent who is in charge.

And for your convenience, each frame that lists the home also has a built-in mortgage calculator so that you can immediately figure out the amount of amortization you will need to pay.

Tips for the Home Buyer

Not all people can qualify for minimal or zero down payment types of home loans. Qualifications depend on your income level, credit rating, and the size of the loan. For instance, jumbo loans of at least half a million dollars are usually on zero money down terms.

A loan with zero down payments also means you need to pay more principal during the amortization periods, and perhaps at higher interest rates. You also need to watch out about lenders who will might charge you miscellaneous closing costs just to make up for part of the zero down payment.

You can check with various lending institutions as to your prequalifications for zero down payment, if any at all. This will save you the trouble of going through the home buying process, only to find out in the end that you qualified for it.


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