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How do you get a home loan with no down payment?

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Answer:

If you do not have a down payment, then you should reconsider buying a home. Equity provides a cushion against the changes of value in homes--should you end up selling, the money comes back to you. Also, having a down payment may result in your being able to get a lower loan rate, which makes your payments lower. You would not have to pay for mortgage insurance. It just makes financial sense. Twenty percent down is a good rule of thumb.

First answer by ID3257858623. Last edit by Simplemary. Contributor trust: 2547 [recommend contributor ]. Question popularity: 6 [recommend question].

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