No down payment loans are a hot topic these days as the recent collapse in the mortgage industry is felt by many to have been caused by no down payment loans, or more specifically, the grossly irresponsible way in which they have been given out in recent years.
The reality is that no down payment loans are a double edged sword. There are many families that wouldn't have ever have been able to move in to a home in the first place had it not been for no down payment loans. That being said, it is the fact that many people who could not afford a loan were granted one because the otherwise prohibitive down payment was removed. The down payment tends to act as a protective measure to some degree because those who cannot demonstrate an ability to save up for a down payment, often will not be able to make their monthly mortgage payments on time either.
All of that being said, if you are still wondering how to get a now down payment loan, the best bet is to do everything possible to improve your credit as quickly as possible, get your income documentation together, and see if you can't get a letter from your employer or even companies or people you have been in dept to in the past. Anything at all that will boost the lenders confidence that you are worth taking a risk on.
Finally, your best chances of getting a no down payment loan are to wait until the market has truly found it's bottom. Lenders are most likely to approve no down payment loans when they feel that a property is likely to appreciate in value in the relatively near future.
The reality is that no down payment loans are a double edged sword. There are many families that wouldn't have ever have been able to move in to a home in the first place had it not been for no down payment loans. That being said, it is the fact that many people who could not afford a loan were granted one because the otherwise prohibitive down payment was removed. The down payment tends to act as a protective measure to some degree because those who cannot demonstrate an ability to save up for a down payment, often will not be able to make their monthly mortgage payments on time either.
All of that being said, if you are still wondering how to get a now down payment loan, the best bet is to do everything possible to improve your credit as quickly as possible, get your income documentation together, and see if you can't get a letter from your employer or even companies or people you have been in dept to in the past. Anything at all that will boost the lenders confidence that you are worth taking a risk on.
Finally, your best chances of getting a no down payment loan are to wait until the market has truly found it's bottom. Lenders are most likely to approve no down payment loans when they feel that a property is likely to appreciate in value in the relatively near future.
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