Yahoo! Answers*

Question:

Mortgage loans?

I just wanted to know besides a great credit score and job history. In order to qualify for a no down payment loan do you need to have a decent amount of money in your savings or does it not make a difference.

Answers:

1) you will still need to pay closing costs if you dont have the seller pay them so yes you will need some cash in the bank it also shows the bank you have caash reserves! you are talking about 100% financing that doesnt mean no costs to you! look over the few articles this should help you! there are many articles that should enlighten you!

2) You will find it hard to get a no-down loan regardless of credit and income.

3) You would want to have decent credit, stable income and some money available for a down payment, the larger the better of course. There are other options for getting a mortgage if you have bad or low credit or even a reverse mortgage. Check out http://www.mortgagefigure.com for more information and articles about obtaining a mortgage.

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