Perhaps you are a young couple looking to buy your first home, but you are struggling to save up for a house to go live on your own. Or perhaps you are a renter who can afford to pay your landlord a hefty rent each month, but you just aren’t able to save for a down payment on top of that. These are the circumstances for millions of people, many of whom are young adults who are stuck in limbo of being ready to buy a home and live on their own, but not being able to afford it. So, what if we told you that there are mortgage loans that require No down payment? Although for many this sounds too good to be true, it is actually a reality. We are Select Capital Group and we offer a No down payment program for qualifying applicants to help people who cannot afford a down payment to still be able to purchase a home.
How No Down Payment Loans Work
What’s special about this loan program is the fact that it is not available for refinancing, second homes, or real estate investment properties. This is only available for owner-occupied primary homes.
Borrowers are offered two loans: one for 96.5% of the property you are buying and another for 3.5% – 5% of the property. Meaning that you are allotted up to 102.5% of the total cost with No money down required. Based on your income and other monthly expenses we can determine an estimate for the maximum amount you could pay each month for a mortgage payment, giving you a budget as you use this loan product to shop for homes.
This program includes many benefits. First off, it can help you to buy a home, which in turn can lead you to have homeownership. The money you used to spend on rent will now go to a mortgage payment, and the money that you were saving up for a down payment can now be accessible to you. Owning a home provides a sense of stability that renting can’t offer.
How to Apply for a No Down Payment Loan
This program is designed for two primary groups of buyers:
Eligible Candidates
- First-time home buyers who earn enough income to pay a mortgage, but have limited savings for a down payment
- Renters who can prove that they can afford the mortgage payments based on the price of their rent and their rental history, but have limited savings for a down payment
If you fall into either of those two categories, then this loan might be perfect for you! Now, let’s take a look at the specific requirements for the No down payment loan program:
Income Requirements
- The credit score must be 620 or higher.
- You must live in the home you’re purchasing as a primary residence.
- The maximum loan amount cannot exceed your local county FHA loan limit.
- 2 years of job history, 2 years of rental history, recent pay stubs, and W2.
- 1 to 2 years of previous tax returns that prove your income
This program is one of the many reasons why people choose Select Capital Group. Buying a house is not easy and it is not cheap, but we want to help make it possible for eager homebuyers.
Get Approved for a No Down Payment Loan
Everyone deserves to be able to afford to buy their own house. That’s why Select Capital Group offers a No down payment program for eager homebuyers. The Select SCG is the Mortgage Broker Award Winner of 2022 and we can help you get mortgage approval when others can’t. Let’s work together to find the mortgage loan that is right for you so that you can buy a house and get your life started in a new home!
Click here to apply for a NO down payment loan
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