Getting 100% financing with bad credit can get you into a home with little out-of-pocket expense. However, higher rates will make the loan more expensive than financing with a down payment. There are some cases when zero down can be a benefit, especially if you plan to move or refinance soon.
The Cost Of Zero Down
Zero down will cost you more with higher interest rates. These rates will also increase your monthly payments. Some financing companies also require you to pay additional points or fees at closing. It is best to request quotes for 100% financing from many lenders to find the best offer.
You can reduce these rates with an adjustable rate mortgage (ARM). These types of loans are the easiest to qualify for and start with lower monthly payments. The View the rest of this article
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