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.

Hybrid home loan mortgages -

Trying to fill void left with downside of fixed and adjustable/variable-rate home loans, hybrid home loan lets you fix interest rate over first part of home loan, and then switch to an adjustable/variable rate later. The upside of hybrid home loans is that they allow you to budget for your repayments during expensive time when you first buy home. The downside is that if floating rates are much higher than your fixed rate when switch happens, you could find you are paying a much higher repayment each month.