A zero down loan or 100% financing loan is good when you don't have enough cash to pay your closing costs and make a down payment on the purchase of your home. It is also used to avoid paying Private Mortgage Insurance (PMI) costs.
Zero down programs allow you to buy your home now, instead of waiting to save enough for a down payment.
There are several options available for buying a home with zero down.
Get one new loan at 100 percent loan-to-value (LTV). PMI is usually required, and the insurance charges are not always tax deductible.
Get an 80 percent first loan and a 20 second (piggy-back or 80/20) loan. This program does not require PMI, and all interest is tax deductible.
Get a new first loan and have the seller carry back a second loan for the balance of the purchase price.
Some zero down programs allow you to borrow 3 to 7 percent (103% and 107%)of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs.
PMI is an additional charge you pay if you make less than a 20 percent down payment. This insurance policy protects the lender in the event of a payment default or foreclosure, and the loan is not paid off in full. The PMI payment ranges from 0.19 percent for a fixed rate loan with a 15 percent down payment; up to 1.09 percent with zero down; and as high as 1.34 percent on a zero down variable rate.
At Windsor Capital, we know that your needs are different from anyone else's. That's why we give you personal, one-to-one service. Our 100% financing mortgage programs include a variety of financing options, competitive interest rates, and friendly help.
Call TOLL FREE: 1-877-664-6368 to speak with a loan consultant to see if a $0 down loan works for you. Or fill out our no-obligation Request Form .
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Rancho Funding - 611 K St Suite #B-204 - San Diego, CA 92101 Fax: 1-877-814-7718 Toll Free Phone: 1-877-664-6368
Loan approval is not guaranteed and is subject to verification of specific information that requested at the time of application. Specific rates may not be available for all borrowers. Rates subject to change. California Dept. of Real Estate, Broker #01421018 “Home Ownership Accelerator” and the yellow flying house logo are trademarks of CMG Financial Services, Inc Home Ownership Accelerator® is a proprietary financial product innovated and funded by CMG Mortgage Services, Inc., San Ramon, CA, for assignment and servicing by GMAC Bank®, Member FDIC, Horsham, PA. This is not a bi-weekly program usually refered to as the Mortgage Accelerator or Mortgage Excellerator.
