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 No Money Down Article from Russ Miller
By: Darin "Sid" Cameron, CRS
Fri, Sep 22nd, 2006 1:23 am

We had some buyers asking about No Money Down financing programs.  So Russ Miller over at Infinity Mortgage gave me this article which he assures me I'm free to share.  Personally I'm not a huge fan of programs like this, but if you want to know more, contact us and we will put you in touch with Russ.

(Editor's note: As of 2011, financing programs like this don't exist anymore.  The housing market collapsed in 2008 eliminated a lot of zero to low downpayment programs.  Ask us about FHA requirements if you don't (or can't) put a large downpayment on a home.)

From Russ...

No Money Down Financing

If you're looking for a way break into home ownership but feel held back because you thought you required a substantial downpayment, or just don't want to liquidate your financial assets to use as a downpayment on a home, you do have options.

The Zero Cash Downpayment Program may be just the answer you need. Here’s what is required to qualify for the Zero Cash Downpayment Program.


1. An average credit history.

- No late payments within past 12 months.
- Consistent and timely payment of current liabilities. Late rent payments are counted heavily against you!

2. Liabilities.

You will be required to disclose all current liabilities you have in order to determine how much more debt you can carry. (ie. present car loan, credit cards, etc.)

3. At least 2 years of employment stability.

You will be required to show proof of employment for the past 2 years. This employment history doesn’t necessarily need to be with the same employer as long as it is in the same line of work. Self-employed individuals will need at least 2 years of tax returns for the business which will be averaged to calculate income. For people who have recently graduated from college, and have entered the work force, your college experience can be counted towards your 2-year history.

Under the Terms of the Program You Can Purchase Many Types of Properties.

They include:

- Single family homes
- Townhomes
- Condominiums
- Duplexes (owner must occupy ½)

It is important to note that not all properties qualify for the Zero Cash Downpayment Program.

To ensure that you get an accurate picture of what properties may or may not be included in this program in your particular area, it is advisable to review the terms of the program with your Realtor.

Benefits of the Zero Downpayment Program

1. No Downpayment

2. Buy a Home Now!

3. Approved Bank Program

*Additional requirements may apply.  Terms and conditions may change.  Meeting requirements of this blog post should not be taken as a guarantee of program acceptance.  It is for informational use only.  Please consult with a lender, attorney or financial planner in advance to taking out a loan.

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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