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<h2>How to Buy a Home with a Zero Down Mortgage</h2> <p> Many people today would love to purchase a Home in this incredible Buyers Market but they think they need tens of thousands of dollars for a down payment. This is simply not true. A littel known government program allows any buyer to own their dream home with absolutely Zero Down Payment.<br /><br />The following is a process to step you through the bascis of buying with absolutely no money out of pocket. This government program is approved by HUD and completely RESPA compliant.<br /><br />Your first step is to get in contact with an Mortgage Planner that specializes in FHA and works with a DPA. DPA is short for down payment assistance program. One of the longest running and most used DPA's is the Nehemiah program. Nehemiah has assisted over 275,000 buyers and sellers since 1998. They are government approved and HUD compliant.<br /><br />Next you will get pre-qualified for a down payment assistance program with a certified specialist. The most important part of qualifying is income verification. You must provide your last 2 years of income verification. Fortunately, credit is flexible. Typically credit scores must be around 580 to qualify but in some cases you can go as low as 550. This is NOT a first time homebuyer program. Anyone buying an owner occupied property is eligble.<br /><br />Begin your home search. FHA limits have been raised to as much as 9,000 in some areas such as Los Angeles county. However, most areas go up as high as 3,000. For many areas 3,000 buys much more than a starter home in todays market which makes home shopping a snap.<br /><br />Negotiate with your seller to participate in the DPA. The ZERO down home loan program requires the sellers participation to fund the closing costs and down payment. Fortunately, in this market environment sellers are more flexible than ever. The seller will be primarily concerned with his/her net from the sale. So many times your offer will be closer to the list price since you will be requesting a 7-10% contribution for down payment and closing costs.<br /><br />Make application for a mortgage with a DPA specialist. Make sure that you choose someone that has experience working with the FHA and especially a DPA. This is not the time to risk working with an inexperienced "loan officer". You will lose valuable time and perhaps the deal as well.<br /><br />The items that you will be required to have on hand are as follows. You will have to provide your last 2 years of W-2's or your tax returns if you are self-employed. Have available your most recent pay stub and the last 3 months of bank statements. If you are currently a tenant renting a property you will also need your last 12 months of cancelled checks or a verification from the property management company.<br /><br />Now it's time to celebrate! The closing is the simpliest part - if your realtor and mortgage planner have done their jobs. There should never be any surprises and all your questions should have already been answered. It is amazing to see clients walk away from closing with a 5.8% Fixed rate mortgage and a new home - all with no money down! Anyone can do it, even you. Don't miss out on the greatest buyers market of our generation. <p style="margin-bottom: 0; margin-top:5pt"> <font face="Arial" style="font-size: 10pt">Article Source: <a href="http://www.ArticlesMaker.com">ArticlesMaker.com</a></font></p> <h3>About the Author</h3> Before you go any further, make sure that you get the full story and check out Rob Kosbergs' Blow by Blow FREE Report on Buying your Dream Home with a <a href="http://www.zerodownwebsite.com" target="_blank">Zero Down Mortgage</a> or for up to date Mortgage info visit his <a href="http://www.mortgageviewpoint.com" target="_blank">Mortgage Blog</a>

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