Search
Recommended Products
Related Links


google left

Partner Links

Unique Jewelry

Handmade Jewelry

The Biofuel Center

Find Coffee Buddies

Meet Someone New

The Ebay Fox

Shop Ebay Like a Pro

Google Solutions For Your Web

Ultra Fast and Easy Loans

MySpace Sandbox

Texas Holdem Poker Center

The Poker Players Board

TheKnowZone

FixMyWagon

Scam Spam or Slam

Get Unlimited IPod Movies, Videos, Music and TV

Pacfuel.com

Ethanol-news.com

Mystery Shopper

Paid to Shop

Paid Surveys

Generate Site Traffic

Need Legal Help

SITE MAP

 

 

Informative Articles

Bad Credit Loans - How to Get Credit Online
Bad Credit Loans - How to Get Credit Online 24Hourfinance.co.uk is a leading financial portal enabling UK consumers to find and compare loans, credit cards, mortgages, bank accounts and obtain cheap insurance quotes. Consumers can apply for finance...

Benefits of Unsecured business loans
Secured business loans, used as a source of business capital, are disadvantageous not only because they can lead to repossession of asset if repayments are not made. Secured business loans come with many restrictions imposed by the...

Business Loans in the US
If you are looking for a business loan in the US and you can't get a loan from your local bank, then this probably means you have poor credit OR you haven't been in business long enough to suit the bank OR you just don't have enough collateral to...

Self-Liquidating Loans - Fact or Fiction?
FICTION! There is no such thing as a self-liquidating "LOAN." If you walk into a bank and ask for a self liquidating loan, they'll look at you as though you were nuts! You may see ads promising - - Self-Liquidating "LOANS!" - Investment Capital...

Use Homeowner personal loans to finance your needs the secured way
Personal loans taken by homeowners need not necessarily be secured. It is true that more and more homeowners are lured into taking secured loans. Several advantages that only secured loans can let them enjoy are recounted by the loan...

 
Google
100% Financing Or No Down Payment & Bad Credit Mortgage Loans

Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month's worth

                                                                                                       

 


of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

About the author:

See my recommended companies for Bad Credit Mortgage Loans. Carrie Reeder is the owner of ABC Loan Guide, which offers help with loans for people with bad credit.