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No Down Payment Mortgage: Is It Right for You?
There are options for mortgages with no down payment, but it's important to decide if that choice will be the right one for you. There are many ways to get a mortgage, and some options don’t even require a down payment. While most mortgage lenders still require at least some down payment, it’s important to explore all your choices and decide which one is right for you. With a no down payment mortgage, you have the opportunity to buy a house even if you don’t have a lot of available cash. Some people also choose this option if the house needs work, because they want to use their cash reserves to fix up the house and make changes to it. To determine if a no down payment mortgage is right for you, there are some issues to consider.
If You're Rejected for a Mortgage
If you’re application is rejected, don’t panic. There are many reasons you get rejected for a conforming mortgage: Debt-to-income (DTI) ratio is too high, Loan-to-Value (LTV) ratio is too high, credit Score too low, missing or incorrect documents and bankruptcy.
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