Arizona Zero Or No Down Payment Mortgages And Home Loans 602-370-0948 Phoenix, AZ

Arizona Zero Or No Down Payment Mortgages And Home Loans 602-370-0948 Phoenix, AZ. Zero Down Home Mortgages No Down Payment Mortgages

Arizona Zero Or No Down Payment Mortgages And Home Loans 602-370-0948 Phoenix, AZ video duration 1 Minute(s) 4 Second(s), published by Zero Down Payment Arizona on 09 01 2014 - 18:49:41.

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There are many options in financing when buying a home. Getting a no money down mortgage may be an option for you, if you don't have much money saved to buy a home. I can help you thru the often confusing options when trying to secure a no down payment mortgage in Arizona. Call me at 520-360-1893 in Tucson, 602 730-0948 In Phoenix for more information.
A no money down mortgage means you are financing 100 percent of the home. You follow the same process as you would for a standard mortgage, but be sure to communicate with your lender that you want a no money down mortgage. You need to provide financial information such as your income, assets, and credit report so that your lender can pre-approve you. Once the mortgage process is started, your lender can let you know what their specific requirements are for you to get a no money down mortgage. In Arizona, which includes Maricopa and Pima counties, it can be easier to qualify than you might think.
A no money down mortgage can be advantageous. If you live an area with rapidly rising home prices, a no money down mortgage can help you to buy a home more quickly. If home values are rising, you will be able to build equity, as the appreciation of the home can provide you with equity.
There are other reasons to use a no money down mortgage. Perhaps you would rather invest the money for a down payment somewhere other than in the house. Or you want to use the money to pay off other debt. When moving into a new home, you will have moving and closing costs. Using a no money down mortgage can free up more of your money for those needs.
Of course, no money down mortgages are riskier than traditional mortgages. Since you are not putting any money down, your monthly mortgage payment can be higher than if you did have a down payment. In addition, most lenders will require you to pay private mortgage insurance (PMI), which will also add to your monthly payments. If you have money available, do the math to make sure you're not paying more with a no money down mortgage.
A no money down mortgage can give you the flexibility to choose the best mortgage option to meet your own financial needs. Call me at 520-360-1893.
The financial crisis of 2007 and 2008, combined with the nationwide decline in home values at the same time, eliminated many of the no down payment programs offered by conventional and subprime lenders. As of 2010, prospective home buyers with little or no money for a down payment have few options.
The Veterans Administration requires no down payment on the home financing it provides to military veterans and active-duty military. The 100 percent financing from the VA is also available to widows and widowers of military members who died in the line of duty. Reserve and national guard members must meet certain time-in-service requirements to qualify for a VA loan. The VA programs offer both fixed-rate and adjustable-rate mortgages. The VA charges a funding fee to cover a portion of the cost of the government guarantee. A VA loan with 100 percent financing requires the payment of a funding fee equal to 2.15 percent of the loan amount. The fee can be included in the final loan amount. No Money Down Loans Arizona can be possible!
The U.S. Department of Agriculture provides government-guaranteed loans with no down payment for home purchases in rural areas. The USDA loans allow for 100 percent financing of a new or existing home. The only loan type available is a 30-year fixed-rate mortgage. The 2 percent funding fee and closing costs can be rolled into the loan amount, allowing a buyer to finance the purchase with little or no out-of-pocket costs. USDA home loans are limited to applicants with family incomes less than 115 percent of the median income for the area. The home purchased must be of modest size. USDA-guaranteed loans can also be used to build a new home.
State and local housing authorities often provide financing plans to promote local home ownership, including zero-down financing plans. An August 2010 article in the \