The mortgage industry has become very pro-active during what could be considered a tentative or slow economy. The emergence of $0 Down Conventional Mortgages has kept the Real Estate industry humming, and home prices remain fairly strong.
Most $0 Down Mortgages are based on an 80/20 system where the first loan is a fixed rate on 80% of the sale price. The second loan is an equity line with a variable rate on the other 20% of the sale price. Most of these loans enable the buyer to avoid private mortgage insurance (a substantial savings).
Your credit score is very important to your success in obtaining a $0 Down Mortgage. Any loan officer can help you obtain a credit report, or you can go online and obtain one free credit report per year.
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