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Down Payment Assistance
Whether it's the only way you can afford to purchase your first home, you prefer to keep your cash on hand for savings or investments, or other expenses are a priority, too, when you are ready to buy, a zero-down or no down payment mortgage could be the key to achieving your financial goals. Depending upon your financial profile, it is possible lenders could provide you with 100% of the cost of your new home, including closing costs. Fixed and adjustable rates are available, and you would still generate equity through your payments.
If you've heard of no down payment loans and are concerned about the higher costs associated with paying private mortgage insurance, consider investigating further. Private mortgage insurance (PMI)is often paid when a buyer makes little or no down payment on their loan, but it is possible to avoid or minimize this extra cost. Pmi could be curtailed through combination mortgages (featuring a second, home equity loan), or by reaching a certain level of ownership (equity) in your home, usually around 20%.
You could even qualify for a down payment assistance or seller concession program that would help you make a down payment and possibly avoid pmi altogether. The loan specialists Real-Estate-Yogi.com puts you in contact with can answer all of your questions about zero down loan products and PMI. Get the information you need about down payment loans and pmi, and then review your options.