Zero down mortgages and what they are
Since the great crash of 2008 alot of people have assumed that zero down mortgages no longer exist. Well, that information is incorrect and I will show you the products that are still available with zero down payment requirement. The first product is called a VA loan and the only borrowers that are eligible are Veterans of the armed forces and must have served with credentials to match. The second product is called a USDA mortgage and that has specific guidelines for location and income levels. This loan was enacted to help people who wanted to live in rural areas of the country but found it hard to obtain financing because of the property type. The restrictions dont stop at the property, they also take into consideration the number of people in the household as well as the annual income coming into that household as well.
Please contact a local mortgage professional for more information on either of these programs.