NO DOWN PAYMENT MORTGAGE

Perfect For:

• First time home buyers just starting out with no down payment.
• Students that have a strong cosigner.
• Anyone who has their cash assets tied up and therefore has no down payment.
• Borrowers with excellent credit.

We are able to offer three ways for you to purchase a home with no down payment:

• Gifted down payment: Lenders allow you to use a gifted amount of money as your down payment. The person gifting you the money must sign a gift letter saying that you are not required to pay back the gifted money at any time
• Free Down Payment: If you don’t have the 5% down, the lender will advance 5% to the lawyer. You will only need to come up with the closing costs
• Flex Down: Flex Down is a program that lenders offer that allows you to borrow your down payment, such as personal loans, lines of credit or credit cards.
• Cash Back: The Cash Back program offers you the ability to receive 5% of your mortgage amount back in cash. In order to qualify you must have a 5% down payment, from your own resources, and upon funding the lender will give you up to 5% of your mortgage amount back – in cash. That means that you're able to use the "cash back" for other expenses such as closing costs or the purchase of furniture. You just have to come up with the down payment initially, but in essence, you get it back.

How do I qualify?

For most of the zero down payment mortgage programs, you require a minimum credit score of 650. However, each program has its own specific guidelines, and the guidelines can vary from lender to lender

One consistent requirement for any of the zero down payment programs (including a gifted down payment) is that you must be able to provide proof that you have 1.5% of the mortgage amount available to cover closing costs such as lawyer fees, title insurance, etc. It won't necessarily cost that much – in fact, it rarely does. It's just an indication that you've got a buffer in case of unexpected costs