No Money Down Home Loans
No money down home loans offer more choices for home buyers! Until the mid 1970's, the average down payment for a house was around 20%. Now, it’s common to buy a house and put down only 5%! Now, there are even loan programs that allow you to make no down payment on home purchases!
These programs are known as zero-down or no down payment home loans. This means that you are financing 100% of the value of the home. Lenders introduced this type of loan because property values have historically risen, which helps homeowners create equity in their home. While no money down home loans can be a little more difficult for lenders, they are able to finance 100% of the purchase price. These types of loans are possible because lenders are now better able to review a client’s entire profile, including their credit history, which helps to ensure that they are safe to loan money to (meaning that they are not high risk).
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