No Money Down, No Problem
If you are on the market for a mortgage and you believe that you
are out of luck because you are lacking a down payment. Don't
worry. There just may be a program out there for you.
The mortgage industry is a very diverse one. The days of going
down the street to your local bank to get a mortgage are over.
These days there are literally thousands of lenders across the
United States. If you have not heard of them, it is because they
are not the brick and mortar banks you are used to seeing in
your neighborhood, nor do they advertise on prime time
television.
This does not mean that they do not exist. They do. And they
exist in the name of wholesale lenders. Wholesale lenders are
lenders that work in niche markets and offer specialty programs
such as 100% financing where you can get a mortgage for the
entire amount of the home, relieving you from having to come up
with a down payment.
Even if you have money for a down payment, you may still be
considering 100% financing so you can save that money for your
housing essentials, such as paint, carpet, furniture, etc.
Most likely, your local bank will not offer this program, so it
would be wise to shop around for a program such as this, and
believe me, they are out there.
If you are unable to find a product on your own, consider
finding a broker to help you.
A broker is not a lender, but they work for wholesale lenders.
Their job is to find you the product which you are looking for,
while educating and counseling you through the mortgage process
from beginning to end.
If you decide to you use a broker, allow for a few to assess
your situation, than base your decision on the no money down
program that best fits your needs and budget.
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
