Where have Zero down mortgage's gone

It’s 2004, everyone want’s to buy a home and no one want’s to put a dime down. It doesn’t matter if it is a $50,000 home or a $5,000,000 mansion, zero down was the down payment of choice.

Fast forward to August 2008. It requires 3% down on FHA, 5% on conventional financing, and on Jumbo loans (loans above the conventional limit) you may be require to have 30% down. The only zero down program available today is VA. We still have prospect hoping for zero down but if they are not a veteran they are out of luck.

Zero down has gone the way of the punch cards for computers.

My advice in today’s market; if you want to buy a home you need to save the down payment.