Home Loans: Zero Down Financing is a Reality for First Time Homebuyers

In the face of rising [tag]interest rates[/tag], many lenders are now offering 100 percent home loans at near-market rates to conventional borrowers. These [tag]no-down-payment loan[/tag]s are generally targeted toward people with good credit (typically, [tag]FICO score[/tag]s of 720 and higher) but not a lot of cash. Real Estate Investing for Dummies

There are other down-payment assistance programs for [tag]first-time home buyer[/tag]s offered by the [tag]Federal Housing Authority[/tag] (FHA), the [tag]Department of Housing and Development[/tag] (HUD) and other state and federal government agencies. Minorities and low-income families may be eligible for the American Dream Down Payment Initiative (ADDI), passed in 2003. ADDI allows eligible first-time home buyers to receive as much as $10,000 in down payment assistance. State housing departments and redevelopment agencies also offer grants and other assistance for first-time home buyers. Check your phone book or find them on the Internet.

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