If you want a mortgage but don't have enough money for a down payment, you might think you're out of luck. Don't be afraid. There might be a programme for you out there.
The mortgage business has a lot of different parts. No longer can you get a mortgage by going to the bank down the street.
There are tens of thousands of lenders in the United States right now. If you haven't heard of them, it's because they aren't like the banks you see in your neighbourhood, and they don't advertise on prime time TV.
This doesn't mean they don't exist, though. So, yes. And they're called "wholesale lenders." Wholesale lenders are lenders who work in niche markets and offer special programmes like 100% financing, where you can get a mortgage for the full amount of the home and don't have to come up with a down payment.
Even if you have enough money for a down payment, you may still want to get 100% financing so you can save that money for things like paint, carpet, furniture, etc. that you will need for your home.
Most likely, this programme won't be available at your local bank, so you should look around for one. Believe me, they do exist.
If you can't find a product on your own, you might want to talk to a broker.
Brokers don't lend money themselves, but they do work for wholesale lenders. Their job is to find you the product you want and guide you through the whole mortgage process.
If you decide to use a broker, give a few of them a chance to look at your situation. Then, choose the no-money-down programme that fits your needs and budget the best.
