Zero
down payment loans are designed to offer home ownership opportunities
to borrowers with good credit but who lack the ability or desire
to make a down payment on a home. It provides an option for
those who wish to invest their savings in assets other than
their home.
This type of financing is popular among both first time home
buyers and experienced home buyers and you can use zero down
payment loans for a purchase or a refinance. The fixed rate
loan is also available for construction and home improvement
of an owner occupied primary residence.
While you are not required to make a down payment, you must
have 3% in the transaction. These funds are applied toward your
closing costs and may come from your own funds, a gift from
a relative, grant, or sale of assets you own.
