Are any Zero Down Payment loans still available? I get asked this all the time, and the answer is a resounding YES! For purchase prices of $417,000 and under that is. But they exist and people are using them all the time. They are good loans too, with 30 or 40 year fixed rates, or 5 and 7 year interest only loans available.
What do you need to be able to qualify for one? You DEFINITELY need income! BUT, the good news is some of these programs go all the way up to a 60% debt ratio! You need ok credit, anything over a 620 mid credit score and no bankruptcies in the past 4 years, should be ok. You always need at least $1,000-$2,000 to buy, since you need to give the seller an earnest money deposit. But other than that, each program is different. They have the ZERO down payment loans for everyone, with special programs for Veterans, Teachers, Police Officers, Firefighters and Medical Personnel. Let me know your questions!
