Getting a Mortgage With No Down Payment

greensboro home mortgageGreensboro, N.C., is the third largest city in the state. More than 237,000 people reside here. Thousands look to purchase a home each year but the average mortgage applicant can not come up with the 3 to 5 percent down payment immediately in order to secure the loan. In some cases, it would take a long period of time to be able to save that type of money. The good news is, it is possible to get a mortgage with zero down payment. Here are a few things to keep in mind when a down payment is not possible.

How’s Your Credit?
If you have a credit score below 620, it is unlikely to secure a loan without a down payment. Take the time to pull your credit report, check for errors, and do everything you can to work on cleaning up your credit. Increasing your credit score is possible but it may take a little time before it will be high enough to move forward with securing a home loan.

Focus on Your Income and Debt Levels
The amount of time you’ve worked at your current place of employment helps. You will be expected to show a mortgage lender or mortgage banker proof of adequate income. Be prepared to share your salary, debt to income ration and your job history.

Government Assistance
Another option is to consider seeking government assistance. Military and/or vets can easily take out a VA loan, FHA loan or a USDA loan.

Getting a mortgage should not be a scary or intimidating process. If you are serious about becoming a home owner, becoming one without a down payment is always an option.