Las Vegas Undressed

Las Vegas Mortgage Loans - Zero Down

Can I still find a zero down mortgage loan program?

The turmoil in the sub prime mortgage loan industry has impacted many mortgage loan programs. However, there is a Fannie-Mae program called MyCommunityMortgage that is great for first time homebuyers. MyCommunityMortgage is a flexible mortgage product for low and moderate income borrowers.

Is this Mortgage Right for You?  If any of these situations describe you, MyCommunityMortgage might be a good fit:

You have limited savings for a down payment and/or closing costs.

You do not have a “traditional” credit history, but can show other ways you have handled credit well, such as paying rent.

You receive rent payments from boarders, or income from government benefits, or other sources.

MyCommunityMortgage is available to help you buy or refiance a home that you will live in as your priimary residence. You will need to fully docuement your income. Less than perfect credit will not affect your payment amount or interest rate.There are maximum income limits that will vary depending on where you live. Certain communities have no income limits. We can provide that information to you.

Key Features

• No minimum borrower contribution.
• Up to a 40-year term.
• Options for lower initial monthly payments with a 5-year or 10-year interest-only period.
• Funds for down payment and closing costs can come from a wide range of sources, such as a gift from a family member; a gift, grant or loan from a nonprofit organization, municipality or employer; or the borrower’s own funds.
• Loan-to-value ratios permitted up to 100 percent for 1-unit properties.
• Extra flexibility on credit histories, including consideration of nontraditional credit histories.
• Extra flexibility on income sources including consideration of boarder income even if boarders are not related to the borrower.
• Cash reserves at closing not required in most cases.
• Part-time and overtime income is considered.
• Purchase a single-family home (including a condo or co-op), a two-, three-, or four-family home to live in one unit and rent out the others (minimum 3 percent borrower contribution for two- to four-unit properties).

The following options for MyCommunityMortgage may provide additional flexibilities for qualified borrowers:

Community Solutions for teachers, police, firefighters, and healthcare workers.

Community HomeChoice for borrowers with a disability or a family member with a disability.

Please call if you have any questions or needs. 702-351-7912