Any one should not leave the chance to purchase a home
simply as he does not have the required finance ready at hand. No money down
loans are the best option for him as he can secure the entire amount for buying
the home with its help. Important players in the lending institutions or
agencies, both in the government sector and in the private sector, reciprocate
favorably if an expert mortgage planner takes initiative.
National lending organizations provide for some specific purchases if the applicant fulfills certain
conditions. It is required that he must be working in any legally approved
establishment at least for three years. He must possess unquestionably healthy
credit record. He must have capacity to repay against mortgage.
The borrowers are to pay interest at higher rates for no money down loans.
Low-ranking lenders are not strict regarding credit history of the borrowers,
but they charge very high rates of interest.
There are some national programs for no money down loans especially for the
defense personnel and for other aged citizens. The loan-seekers are not
required to be ready with any down payment, and they are not asked to use
private mortgage insurances.
It is, however, possible to secure no money down loans if the borrowers own
valuable possessions like stocks, bonds or any kinds of securities. The lenders
are prepared to offer loans if such assets are allowed to be used as
Another option for securing no money down loans is piggyback loan. The
borrowers are to take 4/5th of the total amount from one lender and 1/5th of
the same from a second lender. The finance obtained from the second source is
used as upfront payment for the first resource. The borrowers are to be ready
for repaying loan amount to the two different lenders.
There are, in this way, different options to secure no money down loans. The
applicant must assess his financial status, genuineness of demand and capacity
to repay without any failure in any month. The borrowers can improve their
credit record provided they are firm in utilizing no money down loans properly.
Corwin Crispin is author of .For more information about visit