How to Buy Your Home with $0 Money Down
 Our
new home ownership program allows qualified buyers to
buy a home with Absolutely No Downpayment.
You may have owned a home before and
are presently renting or maybe you are a first time
homebuyer and need a way to break into the housing market.
Well regardless of your present credit situation, if
you want to get purchase a home for NO money down we
can help! If you are currently renting for more then
two years and have been on a job for more then two years
this new program may be for you!
Why pay your landlord's mortgage when
you can be building your own equity! A home can be used
to consolidate debt with a refinance and create an overall
financial engine, while obtaining an asset that can
be sold some day.
BENEFITS OF OUR ZERO DOWN LOANS
The biggest benefit of $0 down mortgage
is that you don't have to wait your entire life to come
up with the normal 2-10% down payment on purchase loans,
and you can “roll” almost all your closing
costs into the mortgage. You generally only need about
$100 to $500 cash to cover a good faith deposit with
the seller and normally you get this back when you close!!
FEATURED PROGRAMS THAT WE OFFER
YOU!
GRMortgages.com offers you:
- Zero Down Programs - ask about our Zero Down Cash
Saver program
- Interest Only Programs - Maximize your home buying
power while keeping your monthly payments as low
as possible!
- Less than perfect credit - OK
- One day out of bankruptcy – OK (in most
cases)
- 40 year Mortgage amoritization to get you started
 Here
are some of the basics:
Most zero down loans are done as 80%
1st mortgage loans – with NO mortgage insurance,
combined with a 20% 2nd mortgage loan otherwise known
as the 80/20 combo term.
Some $0 down loans can be done as a
single loan– and they still have about the same
monthly payment. Mortgage $0 down loans interest rates
100 percent determined by your MIDDLE CREDIT SCORE,
unlike conventional and FHA loans. The reason is this
– lenders are “willing” to loan you
100% of the house payment, but they take into account
that people with “less then perfect credit”
default on these loans at a higher percentage rate…and
they merely build in additional profit (a higher interest
rate) on the loan, the lower your credit scores are
– in exchange for giving you the opportunity to
buy a home for $0 money down.
Because of this, there are
5 “categories” of zero down loans:
- Zero down loans with mid-FICO scores of 680 to
800 – for good and excellent credit,
- Zero down loans with mid-FICO scores of 600 to
679
- Zero down loans with mid-FICO scores of 575 to
599
- Zero down loans with credit scores as low as
560 to 574 and very poor credit
- Zero down loans for borrowers with a recent bankruptcy
and/or foreclosure.
Our $0 down lenders will also allow
you to go up to a 50-55% back-end debt ratio (whereas
regular conventional and FHA 30-year fixed rates require
a 38-45% maximum debt ratio.) Once again, it's easier
to qualify for our special $0 down purchase loans because
you can actually have higher debt – and still
qualify with these special loans. |
