California Home Mortgage Lenders Offer Zero-downpayment Loans
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Rony Walker
Mar 25, 2013, 9:20:02 AM3/25/13
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Article Title: California Home Mortgage Lenders Offer Zero-downpayment Loans
Author: Rony Walker
Word Count: 579
Article URL: http://www.isnare.com/?aid=144742&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=144742
Easy Publish Tool: http://www.isnare.com/html.php?aid=144742
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If there is one thing California home mortgage lenders can tell you, it is this: it is now easier than ever to buy a house.
The biggest deterrent to home ownership has always been the downpayment. Until recently, it is standard practice for California home mortgage lenders to require a downpayment equivalent to 20 percent of the purchase price. Few people have this much cash, and because of this, few people are able to avail of loans. According to the National Association of Realtors, however, it is now possible to own a home with zero-downpayment. Mortgages like these are not granted by fly-by-night operators who take on 'no documentation' or 'bad credit' loans in exchange for abnormally high interest rates, but by duly licensed California home mortgage lenders. All you need to avail of these zero-down programs is decent credit rating.
What are these programs that require no downpayment?
100% Financing
If you have a credit score of above 580, many California home mortgage lenders will offer you 100 percent financing. Under this financing, you are granted two loans. The first loan comes with low interest and covers 80 percent of the cost. The second comes with higher interest and covers the remaining 20 percent of the price.
On the other hand, should your credit score be 620 or higher, some California home mortgage lenders might let you qualify for loans that cover 103, 104, or 107 percent of the selling price. The percentage in excess of 100 percent will go towards payment of closing costs.
Fixer-upper Loans
Check with your state's Department of Housing and Community Development to find out what their policies are towards fixer-upper loans. A fixer-upper loan is typically granted to people who choose properties that meet two conditions: first, they require major renovations; second, they are located in neighborhoods targeted for community revitalization.
Seller Assistance
Many sellers are in a rush to sell their homes, and you can use this to your advantage. Sellers who are unable to find buyers for their properties will go through extra lengths to help you purchase them. The wisest thing to do, in this case, is set up a lease purchase agreement. How does this work? You sign a contract agreeing to buy the house at a set price after a year or two. While still unable to pay for the purchase price in full, however, you live in the house and pay rent. The seller will deduct the rent you pay from the purchase price.
Servicemen Loans
If you are a veteran or are presently in the military, its easy for you to avail of a no-downpayment loan through the Department of Veteran Affairs. You may check out the department's list of authorized California home mortgage lenders online.
Government Assistance
The government has plenty of grants given to homeowners to reduce the home ownership gap. Though these grants are not widely known, they are easily available to mortgage applicants with low incomes, particularly those belonging to minorities. Visit the website of the Department of Housing and Urban Development for a list of the different home ownership assistance provided by non-profit groups, as well as state and local governments.
These zero-downpayment programs have flung the doors to home ownership wide open. Today, people with good credit scores but little cash have fewer obstacles to hurdle in getting decent housing. You could be one of them, too.
About The Author: Want to learn more about california home mortgage lenders ( http://www.whataboutloans.com/mortgage/home-mortgage-lenders.html )? Visit our site today and get access to various home loan lender ( http://www.whataboutloans.com/home-loan/home-loan-lenders.html ) rates to find the best mortgage quote ( http://www.whataboutloans.com ).
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=144742
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Rony Walker
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=144742
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=144742
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: California Home Mortgage Lenders Offer Zero-downpayment Loans
Author: Rony Walker
Word Count: 579
Article URL: http://www.isnare.com/?aid=144742&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=144742
Easy Publish Tool: http://www.isnare.com/html.php?aid=144742
*********************** ARTICLE START ***********************
If there is one thing California home mortgage lenders can tell you, it is this: it is now easier than ever to buy a house.
The biggest deterrent to home ownership has always been the downpayment. Until recently, it is standard practice for California home mortgage lenders to require a downpayment equivalent to 20 percent of the purchase price. Few people have this much cash, and because of this, few people are able to avail of loans. According to the National Association of Realtors, however, it is now possible to own a home with zero-downpayment. Mortgages like these are not granted by fly-by-night operators who take on 'no documentation' or 'bad credit' loans in exchange for abnormally high interest rates, but by duly licensed California home mortgage lenders. All you need to avail of these zero-down programs is decent credit rating.
What are these programs that require no downpayment?
100% Financing
If you have a credit score of above 580, many California home mortgage lenders will offer you 100 percent financing. Under this financing, you are granted two loans. The first loan comes with low interest and covers 80 percent of the cost. The second comes with higher interest and covers the remaining 20 percent of the price.
On the other hand, should your credit score be 620 or higher, some California home mortgage lenders might let you qualify for loans that cover 103, 104, or 107 percent of the selling price. The percentage in excess of 100 percent will go towards payment of closing costs.
Fixer-upper Loans
Check with your state's Department of Housing and Community Development to find out what their policies are towards fixer-upper loans. A fixer-upper loan is typically granted to people who choose properties that meet two conditions: first, they require major renovations; second, they are located in neighborhoods targeted for community revitalization.
Seller Assistance
Many sellers are in a rush to sell their homes, and you can use this to your advantage. Sellers who are unable to find buyers for their properties will go through extra lengths to help you purchase them. The wisest thing to do, in this case, is set up a lease purchase agreement. How does this work? You sign a contract agreeing to buy the house at a set price after a year or two. While still unable to pay for the purchase price in full, however, you live in the house and pay rent. The seller will deduct the rent you pay from the purchase price.
Servicemen Loans
If you are a veteran or are presently in the military, its easy for you to avail of a no-downpayment loan through the Department of Veteran Affairs. You may check out the department's list of authorized California home mortgage lenders online.
Government Assistance
The government has plenty of grants given to homeowners to reduce the home ownership gap. Though these grants are not widely known, they are easily available to mortgage applicants with low incomes, particularly those belonging to minorities. Visit the website of the Department of Housing and Urban Development for a list of the different home ownership assistance provided by non-profit groups, as well as state and local governments.
These zero-downpayment programs have flung the doors to home ownership wide open. Today, people with good credit scores but little cash have fewer obstacles to hurdle in getting decent housing. You could be one of them, too.
About The Author: Want to learn more about california home mortgage lenders ( http://www.whataboutloans.com/mortgage/home-mortgage-lenders.html )? Visit our site today and get access to various home loan lender ( http://www.whataboutloans.com/home-loan/home-loan-lenders.html ) rates to find the best mortgage quote ( http://www.whataboutloans.com ).
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=144742
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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