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People also ask
What is a zero-down mortgage?
As the name suggests, a zero-down mortgage is a home loan you can get without a down payment. A down payment is the first payment you make toward the home, and it鈥檚 due when you close on your home loan. Lenders usually calculate your down payment as a percentage of the total amount you borrow.
Can you get a mortgage with no down payment?
In a word, yes. There are mortgages available where the required down payment is zero. These are often referred to as 鈥?00% loans鈥?鈥?loans in which the money lent comprises 100% of a particular home鈥檚 market value. Mortgages with no down payment are usually available only through certain government-sponsored programs.
What are the different types of zero down loans?
There are just two major loan programs with zero down: the USDA loan and the VA loan. Both are available to first-time home buyers and repeat buyers alike. But they have special eligibility requirements to qualify.
Can you buy a home with $0 down?
Government-backed USDA and VA loans can allow you to buy a home with $0 down. The fact that these loans are backed by the federal government allows lenders to be more lenient with down payment requirements.