Where can an average american go to get a zero down home loan and still afford the payments?

I am searching for reputable mortage companies that deal with the average hard working American. My husband and I both work full time, have decent credit ratings. We are looking for a zero down loan. Anyone got any ideas and references? Thanks in advance.

Where can an average american go to get a zero down home loan and still afford the payments?
There are definitely still conventional options for 100% financing. You'll want to get in touch with a direct lender who will ask you lots of questions about your income, assets and credit. They will walk you through the qualification process and let you know what you can afford.





I'm including two links for 100% financing options. Let me know if you have questions! Best of luck!
Reply:try your local banks and credit unions. stay away from brokers and websites.
Reply:I don't really think that's possible these days. You would need at least 3% down payment these days.





You can get an 80/20 loan but that's two mortgages.
Reply:The amount of the down payment has very little affect on your monthly payments.





Purchasing more house than you can afford - affects your monthly payment.





I spoke to a local bank when I purchased my home. You may want to start with your bank. Odds are....they will sell your mortgage off but you can work your local bank.





Keep in mind.... the bank will probably pre-qualify you for more that you can pay. I knew what my top limit was and the bank pre-qualified me for almost 40,000 more than the top limit I set for myself.





In your mortgage payment - you will have escrow. This includes your costs for PMI, Hazard Insurance, Taxes. I'd stick with a 15 or 30 year fixed mortgage (standard). Stay away from ARMS and Hybrid mortgages.





I purchased my home with only 3% down.
Reply:Your down payment is not the issue, it's your ability to pay a monthly payment. If the housing prices in your area are overpriced or you cannot afford to dedicate 1/3 of your gross income to a mortgage payment, then you're not ready to buy a home even if you did have zero down.





Remember, you'll still have to pay for documentation and closing costs when you enter and close a real estate purchase agreement.