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If you do not have resources to pay a twenty percent down payment, you could opt for a piggyback loan. A piggyback loan is basically a home equity loan that funds part of your down payment. There are several options in obtaining a piggyback loan. Mortgage lenders have a variety of programs and loan products that will help you accomplish your dream of home ownership, even if you have little or no money for a down payment. Your lender can also inform you of various government programs that assist those who qualify with their down payment. Most of these programs consist of basically a low interest loan that you repay along with your mortgage payments. There are some government programs that will not require you to repay any down payment assistance you may receive.
Owning a home is dream of most people. If you want to purchase a home but are concerned about a lack of money to go towards down payment, contact a mortgage professional today who can help you in obtaining a no money down home loan.
To view our list of recommended online nationwide mortgage lenders who can help you get 100% mortgage financing, visit this page: Recommended Nationwide Online Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an information website with articles and the latest news about various types of loans.