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Some Mortgage Loans are Available with Absolutely no Money Needed From You
By Mark Barnes
Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment can come in the form of a gift, and closing costs can be financed into the loan, making this a true no money out of pocket purchase transaction. Now, you may be thinking, I don`t have anyone to gift me the money for a down payment, so what good does this do me? Not to worry. There are organizations that specialize in this kind of mortgage transaction. If you have a good mortgage professional, ask him or her about AmeriDream Inc. or the Nehemiah Corporation. Both of these companies offer gift down payments. Don`t worry about qualifying, if your credit isn`t perfect. Unlike conforming lenders, who want good credit and other things that make qualifying for a mortgage difficult, FHA is not a credit score driven program. In fact, you can even have a bankruptcy on your credit and still get an FHA loan, along with a very good interest rate. (Your bankruptcy must be discharged for two years.) Even if you have a very low credit score and other problems, like collections, you can still get the loan. Just check with your mortgage professional, and a true no money down loan can be yours. 
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