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Today you can easily buy a home at zero down. Earlier you had to put your dreams at halt due to insufficient down payment but now this is no reason for your dream to be queued more. There are several Zero Down Home purchase programs available for you to choose the one suiting you. The amount you can have for the loan in this program is just based on your ability of monthly payment capacity. This is nothing to do with the down payment you have saved. You can surely qualify for larger loans with this scheme. But you may have to pay more in long run due to various additional fees and charges levied in this sort of loan approval.
Your savings may not be at par to the down payment expected but you can still have your dream home right now. Earlier it was just not possible but now you just have to wish and it is there with the help of Zero Down Home Loan. It is also called no down payment and can be achieved through a limited time program – Down Payment Assistance. According to this program the seller of the home pays the down payment for you as an incentive to let their home be purchased. It is a great option for the people who want to keep their cash reserved for other expenses or to update the new property.
Zero Down Home Loan enables you to have 100 percent finance on home purchase amount. Here you’ll only require an escrow deposit which is credited towards the closing costs. This amount does not concern the lender in any way. These loans can be one loan of 100 percent or the 100 percent financing in the form of the familiar 80/20 loan. It means 80 percent first mortgage and 20 percent the second one.
Guidelines for Zero Down Home Loan:
You ought to go to some qualified consultant who would guide you which scheme will prove beneficial for your family. You can talk to the loan department of your financial institution and can also seek help online.

You should consult your employer and if you belong to some larger labour union you may be able to get the special financing assistance as well.

The home you are interested in ask the owner if he would be ready to go by the Zero Down Home Loan scheme. Make the point that for not giving the down payment you are offering more amount than they are asking for.

You ought to have a good credit as with this scheme the fear of foreclosure is much greater. So just check the lender with the program schemes to make everything clear beforehand and to avoid any doubts.
Zero Down Home Loan has various limitations as well. It has income limitation. You’ll also have to pay the mortgage insurance and is not deducted on your tax return. But even then if all goes well, it is the best loan plan you have to accomplish your dream of having a cozy home of your own now!