Back to Glossary
Zero Down Mortgage
January 19, 2023
As the name implies, a zero-down mortgage is a house loan that does not need a down payment. A down payment is an initial payment you make toward purchasing a property, and it is due when the loan is closed. Down payments are often calculated as a percentage of the total amount borrowed by lenders. Only a government-backed loan will allow you to obtain a mortgage with no down payment. The federal government insures government-backed loans. In other words, if you stop paying your mortgage, the government (not your lender) foots the tab.
No items found.
Related Topics
What Is a Property Tax Lien
What Is an Adjustable Rate Mortgage (ARM)?
Navigating the Process of Mortgage Modification
What Is Non-Recourse Lending?
What Is a Short Sale?
When Is the First Mortgage Payment Due?
What Does Foreclosure Mean?
What Is a HELOC Loan?