The Countless Upsides of Zero Down; 100% Financing Offers No Downpayment, No MI, No Jumbo Pricing and More

The Countless Upsides of Zero Down; 100% Financing Offers No Downpayment, No MI, No Jumbo Pricing and More

By Frank Schiefelbein

Maybe you don't have the cash for a downpayment. Maybe you do, but would rather use the funds elsewhere. Either way, 100% financing could be the optimal solution for you to get into your dream home.

No need to liquidate assets, no need to tap savings, no need to sacrifice stocks or other investments-because thanks to the 80/20 Loan program from Countrywide Home Loans, Inc., there's no need for an out-of-pocket downpayment.

How it works
The 80/20 Loan, also known as 100% Financing, allows for an 80% first mortgage plus a 20% home equity second that serves as the downpayment.

So, not only do you avoid coming up wtih funds for the downpayment, you also avoid the extra expense of private mortgage insurance. Plus, if you're in the market for a higher-than-average priced home, the 80/20 may be the perfect fit, because it features combined loan amounts of up to $650,000, while enabling you to avoid the often higher rate of a jumbo loan.

The advantages keep adding up
Besides helping you to qualify for your dream home-while avoiding downpayment costs, mortgage insurance and jumbo pricing-this innovative program features an array of benefits for the savvy borrower:

Tax Savings-Because interest paid on the home equity second may be tax deductible, you could enjoy a tax break with the 80/20 Loan (be sure to consult your tax advisor for more information).

Budget Buffer-You can alleviate stress by spreading out your payment obligations with the 80/20 because the first mortgage payment is due on the first of the month, while the Home Equity second payment is due mid-month.

Loan-Type Choices-Whether you prefer a fixed or an adjustable rate mortgage, the 80/20 offers various options. This program is available on 15- and 30-year fixed loans, as well as on 5/1, 7/1 and 10/1 Fixed Period ARMs. (Plus, it can even be used to refinance your current home.)

Who should zero-in on a zero-down
If you have a strong credit profile and good income, but have limited funds to commit to a downpayment, then 100% Financing could be just right for you.

To learn more about this program, or other types of mortgage financing, turn to your local experts at Countrywide, who are eager to answer your questions and can help you get into the home of your dreams.

Frank Schiefelbein

Home Loan Consultant

Countrywide Home Loans

847-894-1629 Cell

630-513-4815 Office Direct

866-905-7983 Fax

888-265-9824 Toll Free

http://www.frankforhomeloans.com/

frank_schiefelbein@countrywide.com

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