Zero Down Mortgage Loans - Is 100% Financing a Good Idea and Can You Get Approved?

Are you wondering if you can get approved for a home loan with 100% financing? Are you also wondering if its a good idea to get a mortgage loan with no money down? Here are some points to keep in mind as you apply and consider your different mortgage loan options.

To qualify for 100% financing on a purchase mortgage loan, it would be important for you to have a credit score of at least 600 or higher. If you are between 600-650 on your credit rating, you may need to go through a subprime mortgage lender in order to get 100% financed.

If your credit score is higher than 650, you can probably apply with most mortgage lending companies online and be able to get an approval.

If your credit score is between 580-600, you will probably need at least 5% down to make the loan work with a subprime mortgage lender.

Getting a mortgage loan with 100% financing can sometimes mean a higher rate. Sometimes an alternative is to get an 80/20 loan, which is a first and second mortgage, with the first mortgage being at a lower rate and the second mortgage being at a higher interest rate. The benefit to doing this type of loan is that it eliminates the need for PMI insurance, which can be $100 or more a month, depending on the size of your loan.

Also, consider getting quotes for 100% financing and then quotes for 95% financing, with you putting 5% down. See, if the savings on the interest rate is worth putting the money down.

To view our list of recommended mortgage lenders online who can provide 100% financing for good and bad credit, visit this page: Recommended mortgage lenders for 100% financing for people with good or poor credit history.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

---

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage on a... Read More

New York Refinance - Refinancing in New York

If you are looking to refinance in New York, it... Read More

Bad Credit Home Financing - Get The Mortgage Loan You Want Even With Poor Credit

Having poor credit alone cannot hold you back from getting... Read More

Reasons To Get A Home Equity Loan

Using a home equity loan really depends on what your... Read More

Mortgage Cycling ? Brilliant or Risky

With mortgage rates near 20-year lows, competition in the mortgage... Read More

How to Get the Best Mortgage

This is a guide on how to get the best... Read More

Should You Choose to Refinance?

Refinancing has become a valid option for many individuals with... Read More

Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit

Sometimes so much is talked about how to solve the... Read More

Flexible Mortgages - Offering Relief from the Fixed Mortgage

A pension mortgage may seem lucrative at the first sight.... Read More

Homebuyers Loan Guide

If you are a homebuyer, there are a few points... Read More

Thinking About Re-mortaging? Read These Tips First

More and more of use are signing up for limited... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue... Read More

How Much Home Loan Can I Afford?

Have you ever asked yourself how much home loan can... Read More

Buying a Home? Dont Get Saddled with Two Mortgage Payments

I have a lot of friends and family who are... Read More

When Not To Agree To A Home Equity Loan

Before you borrow money on your home's equity, think twice... Read More

Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again

Slight increases in the interest rates raise your hackles. Tension... Read More

What is a Flexible Mortgage?

'Flexible mortgage' is a term that's used a lot, but... Read More

Bridging Loan Basics

A Bridging Loan is a short-term loan used as a... Read More

Benefits of a Remortgage

There are many benefits in choosing a remortgage, some of... Read More

Bad Credit Mortgage Lender - What to Look For

If you have less than perfect credit and are looking... Read More

Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is... Read More

What is a Home Equity Loan?

A home equity loan is a loan that is guaranteed... Read More

Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?

Online home mortgage quotes are very similar to the quotes... Read More

Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home

When refinancing your home, it's helpful to know a few... Read More

Who Else is Ready to have Their Money Work Harder for Them?

What does it mean to refinance? Why would anyone want... Read More

A Home Equity Loan ? Is It For You?

Home equity loans are often touted as being the solution... Read More

Need Mortgage? Alternative Finance Often Masks Predators, Who Want to Steal Your House

So, your bank had just turned you down for a... Read More

Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan

Do you have bad credit that you worry will stop... Read More

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved

People with bad credit that are looking to get a... Read More

Home Loans ? Repair Credit Errors in Three Days!

Most consumers are aware that a history of paying bills... Read More

Home Mortgage Loans For People With Bad Credit

Getting a home loan with bad credit has actually never... Read More

Reverse Mortgages Learn The Facts First!

Reverse Mortgages, Most Common Features:Many offer special appeal to older... Read More

Guide to Home Equity Loans

Here is a useful guide to home equity loans. A... Read More