No more zero down mortgages for 2 family units?

Did all banks stop giving out mortgages with Zero Down Payment for 2 family units? :rolleyes

I can only speak to the presence of 100% financing in the wholesale channel—regretfully, no down investor financing was eliminated earlier this year…

If there is a element of rehab/renovation involved, there is a possibility to secure 100% financing by using a ARV based loan program.


Scott Miller

If you can make yourself live next to your tenant for an entire year, you could move into it and get an owner occupied residential loan on it.

I’m not in the market for an OO loan, so I haven’t been out shoping, but I hear the ads from local banks and they are offering them. I don’t know what the terms are.

Go talk to a couple of banks, and be sure to talk to some smal local banks that hold loans in-house.

For NOO, I would be less optimistic about zero down, but there are other places to get down payment money. Take equity out of another property. Use a credit card, sell something.

If the OP decides to go this route, a FHA 203b loan would offer the most benefit (up to 97.75% financing + the use of a DPA could bring it to 100%, 6% seller concessions allowed, competitive rates currently in the low 6s, etc.).


Scott Miller

I heard the DPA program avenue (nemiah, neighborhood gold, partners in charity, ect) is or has been eliminated.
Someone told me it was going to end at the end of Nov then someone told me it was extended until Feb.
Does anyone know the scoop on this?

Ask me how you can earn 12% interest safely secured against real estate (70%LTV max).