Buying a home without putting any money down is becoming increasingly popular and even easier than ever before. There are many different mortgage options available for financing a home without a down payment. You can go with an 80/20 combo loan or you can go with a 100% 1 loan. You can choose to have a fixed rate, an adjustable rate or even an interest only type loan. You could also go with a 15, 20, 25, 30, 40 or even a 50 year mortgage option. Therefore, as you can see there are many choices available and you should consult the help of a mortgage professional to find out what is the best mortgage option for you.

There are additional programs and features available to help you pay for closing costs as well. Many of the 100% financing programs allow what is called a "seller assist" this can be either 3% or 6% of the purchase price, depending on what you qualify for. There are also 103 or 107 programs that allow you to finance 103% or 107% of the purchase price to help pay for closing costs.

Buying a home with nothing down is becoming the norm for first time home buyers. Although you are putting no money down on the home, there are still closing costs that need to be paid. Sometimes the seller will pay part of your closing costs to facilitate the transaction. Also, a family member can "gift" money for closing costs.

 

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