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Blog Image: The Little-known Mortgage That Doesn’t Require a Down Payment

The Little-known Mortgage That Doesn’t Require a Down Payment

A conventional mortgage loan requires a 20% down payment. If you are a first-time homebuyer however, saving up tens of thousands of dollars can seem like an impossible task. Of course, there are loan programs, like FHA mortgages, that allow for low down payments, but they often have stricter requirements. For some of those programs, you may have to pay higher interest rates, have better credit scores, or pay higher mortgage insurance fees.  Fortunately, there is a little-known mortgage loan that requires no down payment and minimal fees: the USDA loan. USDA Loan Defined These are mo...

September 9th, 2020 | Government Loans, USDA Loans, The Little-known Mortgage That Doesn’t Require a Down Payment

Blog Image: 4 Loan Programs With Zero-Down Payment

4 Loan Programs With Zero-Down Payment

Are there ways to get a mortgage loan without making a down payment? While the options are not as plentiful as they used to be, there are still at least four government-backed programs that allow borrowers to buy a home with no down payment. Over a decade ago, home prices were skyrocketing month-to-month, giving homebuyers “instant equity.” Mortgage lenders offered “zero-down” home loans to most of their customers, with confidence that those borrowers would soon own a significant stake in their homes. However, the housing market crashed, and home prices began plungin...

May 22nd, 2019 | Purchasing a Home, First-time Homebuyers, Government Loans, FHA Loans, VA Loans, USDA Loans, 4 Loan Programs With Zero-Down Payment

Mortgage Loan Direct Inc

15255 S 94th Ave Suite 524
Orland Park, Illinois 60462
Phone: 708-231-0002
Fax: 708-231-0005
NMLS: 1192858
Illinois Residential Mortgage Licensee MB.6761068

This material is not from HUD or FHA and has not been approved by HUD or any government agency.

Illinois Dept. of Financial & Professional Regulation
100 W Randolph, 9th Floor, Chicago IL 60601
Phone: (312)-793-3000 | Fax: (312)-793-7097