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It's back! No down payment for qualified buyers

After what seems like an enternity and no hope for buyers without a lot of cash assets, the no down payment mortgage has returned. It's again possible for qualified buyers to obtain a mortgage through 100% financing, as banks have become more lenient and willing to consider no down payment loans in the wake of the financial crisis.

It's a good idea to make a down payment, if you can. For one, a loan-to-value ratio of 80% or less means you won't have to carry private mortgage insurance -- and your monthly payment will be lower. A 20% down payment also means you'll get a favorable interest rate.

However, if you're an Idaho first-time home buyer, and you simply don't have the cash laying around to make a 20% down payment, you can consider a 10%, 5%, or even 0% down mortgage provided you meet minimum credit requirements.

To develop a financing strategy that works best for your income and individual circumstances, you should work with an experienced Idaho mortgage lender. Gaining a pre-approval should be the first step in your search for a new home, but even that is only a guideline indicating what a bank would be willing to lend you. You should still consider your income and typical monthly spending habits to determine how much home you can afford.

Contact us today to find out if you qualify for a zero-down mortgage!