Getting Approved For Nothing Down Home Purchases
By Bill Burress
It wasn't too long ago that "Nothing Down" or zero down home purchases were common and known to all who were in the real estate market. There was no mystique or magic in structuring a nothing down purchase. Today, the mere mention of a nothing down purchase to those in the real estate business may have them looking at you as if you have two heads. The real estate lending market has once again changed and there are very few nothing down purchases being done.
Many think the nothing down purchase is either not available or it's too complicated to structure. Yes, when you contrast the way a nothing down purchase must be structured today with how they were structured just a couple years back, the nothing down mortgages are definitely more complicated and harder to get approved but they are very possible even with borrowers with less than perfect credit and possible to borrowers with low FICO scores.
Two years ago, you simply told your lender that you wanted to do a nothing down purchase. The lender said, okay and you were given a 100% LTV (loan to value) mortgage loan. In some cases you were given two loans for a 100% CLTV (combined loan to value). Another option a buyer had in the past was a 100% CLTV with a seller held second mortgage. The vast majority of the nothing down home purchases were done by one of these methods. With the big changes in mortgage lending, these methods may no longer be available for home purchases and are unacceptable with today's underwriting guidelines.
Enter the seasoned mortgage experts. There are major differences between a mortgage loan expert and a typical loan originator. A seasoned loan expert can help you obtain the nothing down loan purchase with the knowledge he has gained over the years, whereas the typical loan officer cannot get it done. A seasoned loan expert can assess the loan risk and help you get approved for a higher LTV than the a typical loan officer. A seasoned loan expert will be up front with you about your loan product, the loan process and costs involved in closing your loan. A seasoned loan expert can get many borrowers approved for nothing down or little down mortgage loans. Today's real estate market offers a myriad of real estate opportunities. Nothing down home purchases make a prospective home buyer's dreams a reality.
One nothing down loan program offers very low interest rates and allows up to 9% seller's concessions which may be applied to closing costs, prepaids, etc with the buyer bringing nothing to the closing table in most cases.
For information on nothing down purchases, you may contact Bill Burress, Nationwide Mortgage Expert at Toll Free , 1-800-239-1416. or fill out the 30 Second Inquiry Form. Bill Burress is a nationwide mortgage manager with 27 years experience and is approving mortgages in all 50 states, U.S.
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