Free Down Payment Mortgage

You can purchase a home with no down payment! The free down payment mortgage is available to those who can not save a down payment but have excellent credit. Eligible properties include detached houses with a minimum square footage of 750 on a residential zoned city lot or acreage up to 5 acres within the city limits and townhouse condo's. Not included for the Free Down Payment Mortgage are mobile homes, agricultural land and and some modular homes.

Here is how this product works: You qualify as if you have a 5% down payment but at closing time the lender gives you the 5% down payment to complete your purchase.

Eligible Properties

Detached residential houses
Town home style condos
House on acreage up to a maximum 5 acres and no out buildings
Only owner occupied properties (no rental properties or second homes)

Amortization Options

30 year amortization period maximum for all free down payment mortgages

Borrower Qualifications

Minimum credit score of 680
No outstanding or prior collections appearing on credit report
No late payments appearing on credit report
Minimum time of 2 years working in same line of work
Must have 1-1.5% of purchase price in bank account to show lender closing costs
Qualify on and get lenders 5 year posted rate
If you payout free down payment mortgage prior to the renewal date, a pro-rated charge back will apply

Not quite sure what amount of mortgage you qualify for and how much your payment will be? It is a good idea to get pre-approved first so you know the amounts you qualify for so you can narrow down your property search.