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Zero DownA zero down loan is good when you don't have enough cash to pay your closing costs and make a down payment on the purchase of your home. It is also used to avoid paying Private Mortgage Insurance (PMI) costs. Zero down programs allow you to buy your home now, instead of waiting to save enough for a down payment. There are several options available for buying a home with zero down.
Some zero down programs allow you to borrow 3 to 7 percent of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs. PMI is an additional charge you pay if you make less than a 20 percent down payment. This insurance policy protects the lender in the event of a payment default or foreclosure, and the loan is not paid off in full. The PMI payment ranges from 0.19 percent for a fixed rate loan with a 15 percent down payment; up to 1.09 percent with zero down; and as high as 1.34 percent on a zero down variable rate. Legacy Mortgage Associates, LLC - 2205 Riverstone Blvd - Canton, GA 30114 Office Phone: 770-704-8056 Fax: 770-704-4863 Cell Phone: (770) 500-0909 Toll Free Phone: 866-704-7730 :: Apply Now :: Pre-Qualify :: Loan Programs :: Purchasing :: Refinance :: May I cancel my PMI mortgage insurance? :: Request Loan Status :: Calculators :: Loan Process :: ARM Loans :: Debt Consolidation :: Home Equity Loan :: Imperfect Credit? :: Interest Only :: Need Cash? :: Zero Down :: Library :: FAQ :: Glossary :: Forms :: About Us :: Contact Us :: Tell-A-Friend :: Sweepstakes :: Testimonials :: Credit Report :: Marketplace :: Home :: We lend in the following states: Georgia Residential Mortgage Licensee # 20186 Florida Residential Mortgage Licensee # 484259 sitemap
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