Zero Down Mortgage Loans - Is 100% Financing A Good Idea And CanYou Get Approved?

Wondering if you can get approved for a home loan with 100% financing? You also wonder if its a good idea to get a mortgage with No Money Down? Here are some points to keep in mind as you apply and consider the different mortgage loan options. To be eligible for 100% financing on a mortgage to purchase, it would be important for you to have a credit score of at least 600 or higher. If you are between 600-650 on the credit rating, you may need to go through a subprime lender, in order to obtain 100% financing. If your credit score is above 650, you can probably apply with most mortgage lending companies online and be able to receive recognition. If your credit score is between 580-600, you will probably need at least 5% down to make the loan with a subprime lender. Getting a mortgage loan with 100% financing can sometimes mean a higher tariff. Sometimes an alternative is to get an 80/20 loan, which is a first and second mortgage with the mortgage before it is at a lower rate and second mortgage to be at a higher interest rate. The advantage to doing this type of loan is that it eliminates the need for PMI insurance, which can be $ 100 or more a month, depending on the size of your loan. Also, consider the quotes to get a 100% financing and then quotes for 95% financing, with you by putting 5% down. See if the savings on the interest rate is worth putting the money. To view our list of recommended mortgage lenders online that can provide 100% financing for good and bad credit, visit this page bcloanguide http://www.a. com / mortgageloans.shtml.