Zero down home financing is a great tool to help countless home buyers buy a home more quickly, without requiring them to save any money for a down payment.  Are you considering applying for a zero down mortgage loan to purchase your new home?   Here are some tips to ease the process for you.  Follow these tips and you can start enjoying your new home in no time. 

Review Your Credit Report.  Annually checking your credit report is always a good idea.  Visit www.annualcreditreport.com and request your credit reports.  (You are allowed one copy free each year).  Make sure that all your information is correct. If there are mistakes, get them fixed. Otherwise, you could be paying thousands in interest charges.   While looking at your accounts, keep your debt to a minimum. A high debt to income ratio can disqualify your for a zero down loan. Also make sure the debt you do have is spread over multiple accounts rather than maxing out one account.  Learn more about your credit with this report.

Increase Your Cash Reserves.  The more money you have the greater your chance of getting approved for a zero down mortgage loan.  Sounds crazy, why do you need money if you are getting a loan for 100% of the purchase price.  Simple, cash reserves settle lender’s nerves.  Often lenders like to see at least two month’s worth of payments as liquid assets. Retirement accounts, gifts, income tax refunds can all help you to have reserves.  If you are having trouble saving up reserves, let's talk.  Strengths in other areas of your situation may make it possible for the bank to over look limited cash reserves.

Look For The Right Lender.  Not all lenders or brokers will look at your application in the same way. Some lenders or brokers have more experience in low and now down payment loans.  Ask about different options and what makes one loan better than another for you.  Over the years I've helped countless families buy with little or no money down.  Everyone's situation is a little different, and special.  Let me help you to buy your next home with a zero down mortgage loan.