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First Time Buyers
Buying your first home is one of the American dreams. The process of buying a home involves out of pocket cash for down payments and closing costs. A lot of families are unable to meet this need and theefore will not achieve their dream of owning a home. For years families had to put off buying a home until they had soem sort of cash reserve to meet the needs of down payments and closing costs, however now more and more families are opting for a zero down mortgage loan.
How do these types of loans work? There are a lot of different types of mortgage lenders. Some will only finance 80 to 95 percent of the home price, therefore the homebuyer would need a down payment for the remainder of the percentage.With a zero down loan, the lender finance 100 percent of the home price.
This type of loan makes the goal of purchasing a new home a very real option for many families. If the homebuyer is unable to afford to pay their closing fees, a broker should be able to find a zero down loan that offers financing for 107 percent loans. In order to qualify for this, lenders require a high credit rating.
Believe it or not, getting a home loan does not require good credit. Many lenders are eager to offer first time buyer loans to buyers with bad credit or a past bankruptcy. There are several loan terms, from 15 to 40 years and lenders offer a variety of loan options.
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