Zero Down Colorado Mortgage Solutions
There are many different types of zero down loans. As with all mortgage solutions, please talk with your mortgage consultant to determine if your credit profile and income will support a zero down solution.
Government insured:
- VA - a great zero down solution for those who are
eligible.
- FHA - combined with down payment assistance.
- Hybrid 80/20 (80% first mortgage combined with a 20% purchase money second
mortgage). As noted before, the interest rates for the first and second
mortgages will be higher when compared with an 80/15/5, for example.
- Straight 100%
- Fannie Mae has recently introduced several different zero down solution solutions. Depending qualifications, you might be able to put down as little as $500 - or as much as 3% in conjunction with these programs.
- Very similar to the conventional solutions noted above.
- The straight 100% solutions are generally available up to a maximum loan amount of less than $400,000.
- The jumbo hybrid is available up to a maximum loan amount of $1,000,000.
- Straight zero down.
- 103% programs - where closing costs can be included.
- 107% programs - where debts can be consolidated in conjunction with buying
a home (Be careful! It can be very dangerous to get too upside down (which
means you owe more than an asset is worth) on your home!!).
- Stated income zero down programs.
- Hybrid solutions like the 80/20.
- More … please talk with your mortgage consultant about your needs and the available solutions.
- 80/20 may be an option, depending on your credit profile and score.
For a discussion about what these loan types are, please check here.
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