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No Money Down DOES NOT Mean No Money Needed for Closing
Late Night Infomercials aside,
You’re still going to have to bring some money to the closing table. You may or may not know that there are still NO MONEY DOWN home loans available for some areas under certain circumstances. I wrote a featured post yesterday about some borrowers that were less than truthful with me through the lending process and I ultimately had to deny their application.
One of the comments on that post got me thinking about this. Carla Muss commented in part that “Maybe they thought they didn't need a down-payment because they watched some TV info-mercial at 3:00 AM which suggested otherwise?” and she may be right.
What I want to share though is that there is a loan product that still exists that allows borrower’s to buy a home with no money down. That is; NO MONEY DOWN or 100% FINANCING. It’s true depending on your area and level of income. You may be able to purchase a home with NO DOWN PAYMENT!
That is not the same thing as having to bring no money to the closing table. Even if you are borrowing 100% of the sales price of the home you will ... more
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