Zero down payment home loans or 100% mortgage loans have been very popular before the current recession. Lenders and banks even offered cash incentives to get more applicants for the loans. Buying a home became so easy for many people who have no savings and no secured income streams. At one point buying is much cheaper than renting. The upfront cost of renting an apartment, typically 1.5 -2 times of the rents has put many people off and start looking for house to buy.
Zero down payment mortgages are very rare after the recession. Lenders are extremely careful with their money. Surveys have shown that over 95% of the mortgages approved in the past year required at least 5% deposit to be put down. However they are not archived into history – it is still possible to obtain home loans with 100% loan to value (LTV).
Banks are still offering 100% mortgages to those with stable employment and good credit histories. The public service sector employees, including teachers, nurses, police officers, firefighters etc, can still benefit from zero down payment home loans. Their job prospects are relatively stable despite the turmoil in financial sector - they belong to the lower risk categories in the lenders’ mind.
Some lenders, like the BBVA Compass Bank for example, offer professional loan programs that require 0% down payment to start. However, only professionals with high paying jobs such as medical doctors, CEOs and lawyers, are able to obtain a 100% mortgage loan from these programs. Finally if you are a veteran or an active military duty personnel, VA Loans financing is a great option for you. VA Loans provide special military rates and are also zero down payment loans. This is a wonderful added bonus for serving your country.
As you can see, zero down payment loans are not as common as they once were. However, if you fit the right niche you may be able to qualify. The best thing to do is to research all the loan products available and you may find just the one to fit your needs!
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