Question:

Is the zero down payment mortgage right for me?

Answer:

If you are a borrower with great credit and good finances management abilities, a zero down payment mortgage can work nicely for you.

Have in mind, though, that as many mortgage products, the zero down payment mortgage is developed for a purpose and a specific market niche. Even that it is very luring to get a zero down payment mortgage loan, can you afford it? Some people may be very happy with it, but some should make some effort to avoid it.

The zero down payment mortgage is not so great for subprime borrowers.

You'd better get your credit report cleaned up before you get to apply for a zero down payment mortgage. The reason - the rates are not good and are a one-way ticket to foreclosure. With all the special down payment assistance programs, your favorite uncle and a 401k plan, taking the zero down payment mortgage on the spur of the moment is not what you want.

You could use a suggestion - try getting some down payment funds before you jump to the zero down payment loan. Do a research on the Internet for down payment grant programs and see if they are available for your state, county, and occupation group.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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