Picking the parts of the package

More Articles:

*What’s 100% financing?
*Is a Closed-End Second Mortgage for me?
*What’s a Reverse Mortgage?
*What’s the difference between a temporary buydown and a permanent buydown?
*Does the government sell FHA mortgages?
*How do I make Interest Only work for me?

What’s 100% financing?

One hundred percent financing means that there’s no down payment. One hundred percent financing is typically used by first-time buyers with limited incomes or college graduates in their first year of employment. But buyers beware: These loans have higher risk to creditors, so lenders protect themselves by charging higher interest rates and even requiring mortgage insurance.