How You Can Buy a Home With Effectively Zero Down Payment

You can achieve your dream of owning a home, and do it without making a cash down payment.

Although Zero Down Payment Mortgage Programs were discontinued by CMHC in Oct 2008 many lenders still have mortgage programs that allow you to buy a home with effectively zero down payment.  in offer a way to buy a home with no down payment. You heard us right: zero down payment! Have you owned a home in the past, but are renting now? Are a first-time homebuyer who wants to buy but is holding back because you thought you would need a substantial down payment? Or perhaps you don’t want to have to liquidate your financial assets to use as a down payment on a home. Whatever your present situation, you’re looking for a way to get into or re-enter the housing market without making a cash down payment. The Zero Cash Down Payment Program could be exactly what you’re looking for. Below are the requirements to qualify for the Zero Cash Down Payment Program.

Program Qualifications

1.         An excellent credit history:

• no recent history of bad debts
• consistent and timely payment of current liabilities

2.         Limited liabilities

1. Be prepared to disclose all your current liabilities in order to determine how much more debt you can carry (for example, your present car loan, credit cards, etc.).

3.         At least 3 years of employment stability

1. You will need to show proof of employment for the past 3 years, such as a letter of employment from your employer or financial statements for the last three years if your are self-employed.

4.         The financial ability to carry larger monthly payments

1. To purchase a home without a down payment, you will need to be able to meet the obligation of larger mortgage payments. Your monthly payments could be from a few to several hundred dollars more each month.

Under the Terms of the Program You Will Be Able Purchase Several Types of Properties

1. The types of properties you can purchase include:

• detached or semi-detached homes
• free-hold town homes
• condominium town homes

1. Not all properties qualify for the Zero Cash Down Payment Program. To be certain that you understand what properties are or are not included in the program in your area, be sure to review the terms of the program with your realtor.

Benefits of the Zero Cash Down Payment Program

1.         No down payment requirement.

1. If you are currently renting, you are paying your landlord's mortgage instead of reaping the benefits of building your own equity. Are you renting because you think you need a substantial down payment to buy your own home? Many would-be homebuyers, and even some realtors, believe that you can’t purchase a home without a sizable down payment. This simply is not true, but because so many would-be home owners believe it is, they think they have to save for years before they will have enough money for a down payment and can finally enter the housing market. But while they save, they continue to line someone else's pockets, and wait a long time to start building their own equity. The Zero Cash Down Payment Program may let you start building that equity yourself by buying your home now, without a down payment.

2.         Buy Your Home Now!

1. If thinking you need a large down payment is the primary issue that’s keeping you from owning a home, this new program offers you a opportunity to get into the housing market immediately without a down payment. With the Zero Cash Down Payment Program you don't have to wait to purchase your home and begin building equity.

3.         Approved Bank Program

1. It’s important to understand that the Zero Cash Down Payment Program is an approved bank program. Review the program with your lender or a qualified realtor with specialized knowledge in financing. Either of them can assist you with the Zero Cash Down Payment Program. 

This valuable reports lets you know that, if you meet the qualifications, you’ll be able to purchase a home with zero down payment. It’s an opportunity to start building equity in your own home rather than saving for years while you continue to pay your landlord’s mortgage. We have many similar articles that can help you with your home-buying plans, and they are all available to you at no cost.

Please call us to schedule a free consultation if we can help you or your friends understand the complexities and opportunities of home buying. We’ll meet with you for about half an hour and show you the latest home-buying technologies and strategies. No high pressure; just plain, honest talk. Your consultation is completely free and does not obligate you in any way.

We look forward to hearing from you soon!

Warmest regards,

Neville & Damali Adomi

Phone:     (604) 467-4420

Email:       info@AdomiTeam.com