what do mortgage lenders require to qualify for a ‘no down payment’ home loan?
by Mortgage Rates on Sunday, September 19th, 2010 | 2 Comments
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Good credit. Over 700 if not over 720 fico. Reserves help also. Have around 6 months house, taxes, and insurance in the bank. You can get a loan without all these items, however the better loans will want them.
If you’re intend to live in the condo, your chances are better. Investors getting 100% financing on condos is getting rarer and rarer these days. I’ve heard of 100% programs with no private mortgage insurance offered by the big banks. You need a credit score well over 700 though. The rate is a bit higher, but the bottom line looks good.
Assuming the seller will contribute to your closing costs (say 3% or more), you could possibly get your interest rate “bought down” while getting in with zero-down.