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Zero Down

A zero down loan is good when you don't have enough cash to pay your closing costs and make a down payment on the purchase of your home. It is also used to avoid paying Private Mortgage Insurance (PMI) costs.

Zero down programs allow you to buy your home now, instead of waiting to save enough for a down payment.

There are several options available for buying a home with zero down.

  1. Get one new loan at 100 percent loan-to-value (LTV). PMI is usually required, and the insurance charges are not tax deductible.
  2. Get an 80 percent first loan and a 20 second (piggy-back or 80/20) loan. This program does not require PMI, and all interest is tax deductible.
  3. Get a new first loan and have the seller carry back a second loan for the balance of the purchase price.

Some zero down programs allow you to borrow 3 to 7 percent of the purchase price to pay your closing costs. Ask your loan officer if you qualify for any of these programs.

PMI is an additional charge you pay if you make less than a 20 percent down payment. This insurance policy protects the lender in the event of a payment default or foreclosure, and the loan is not paid off in full. The PMI payment ranges from 0.19 percent for a fixed rate loan with a 15 percent down payment; up to 1.09 percent with zero down; and as high as 1.34 percent on a zero down variable rate.



Home of Loan John - 410 S. State St. - Davison, MI 48423
Office Phone: (810) 654-2525 Fax: (810) 654-9825 Toll Free #: (866) LOAN JOHN


Home of Loan John and a member of the Symphony Homes family of companies offers mortgage services in the following areas: GENESEE COUNTY, LAPEER COUNTY, OAKLAND COUNTY, MICHIGAN, ATLAS, BURTON, CLIO, DAVISON, FENTON, FLINT, FLUSHING, GOODRICH, GRAND BLANC, MONTROSE, MUNDY, RICHFIELD, AND SWARTZ CREEK.  Mortgage loans are also provided in LAPEER, CLARKSTON, HOLLY, LAKE ORION, NOVI, OXFORD, PONTIAC, ROCHESTER, ROCHESTER HILLS, TROY, AND WATERFORD.  Copyright 2001 - 2008 Loan John and Real Estate One Symphony Homes.  Our American Government Mortgage and Loan programs provides clients with FHA, VA, and Reverse Mortgage services. Be sure to ask about our revolutionary TRADE IN PROGRAM!  That's right, now you can TRADE IN YOUR OLD HOUSE FOR A BRAND NEW SYMPHONY HOME! Call (810) 658-3600 for more information. NEW HOMES ON OUR LOT OR YOURS! Symphony Homes is a new homes Michigan builder in Genesee and Oakland County currently building in several new home communities including Burton, Davison, Goodrich, Grand Blanc, and Lake Orion!  New home styles feature single family detached homes and condominiums. Complete loan and financing services are now available through our mortgage partner,  HOME OF LOAN JOHN).  Call (810) 654-2525 to speak with one of our mortgage experts!  Symphony Homes is proud to be a REAL ESTATE ONE affiliate! SEARCH THE MLS for all homes in the state of Michigan by accessing the MULTIPLE LISTING SERVICE directly from this site! Also, be sure to visit THE VALUE PLAY for powerful real estate software, audio CDs featuring author Steve Berges, and business, real estate, and legal forms! Tired of paying high gas prices? Then be sure to visit THE GAS SAVER to learn how you can begin saving $$$ now!



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