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Mortgage Loan for First Time Home Buyer - No Doc Mortgage Loans

No Doc Mortgage Loans for First Time Home Buyers

Buying your home for the first time? Do you know that you may be eligible for 100% financing (no payment down) even if you are a first time home buyer or may not be able to document income. Read below if you can get pre-approved for a no doc mortgage loan and to determine if you qualify for a first time homebuyer no payment down mortgage.

No Money Down Mortgage Loan For First Time Homebuyers.

Adjustabe Mortgage Interest Rate for No Doc Mortgage Loan (Rate may varies)

Borrow $100,000 to purchase a new home. Various mortgage options are available:

2 Year Adjustable Rate Mortgage (Fixed Rate for 2 years; variable rate for 28 years)

1st Mortgage representing 80% of the purchase price = $80,000 @ 7.175% = $ 541.68 per month.
2nd Mortgage representing 20% of the purchase price = $20,000 @ 11.25% = $ 194.25 per month.

Your total monthly mortgage payment is $ 735.93 plus taxes and homeowners insurance

3 Year Adjustable Rate Mortgage (Fixed Rate for 3 years; variable rate for 27 years)

1st Mortgage representing 80% of the purchase price = $80,000 @ 7.425% = $ 555.26 per month.
2nd Mortgage representing 20% of the purchase price = $20,000 @ 11.25% = $ 194.25 per month.

Your total monthly mortgage payment is $ 749.52 plus taxes and homeowners insurance

5 Year Adjustable Rate Mortgage (Fixed Rate for 5 years; variable rate for 25 years)

1st Mortgage representing 80% of the purchase price = $80,000 @ 7.675% = $ 568.99 per month.
2nd Mortgage representing 20% of the purchase price = $20,000 @ 11.25% = $ 194.25 per month.

Your total monthly mortgage payment is $ 763.23 plus taxes and homeowners insurance

30 Year Fixed Rate Mortgage

1st Mortgage representing 80% of the purchase price = $80,000 @ 7.825 = $ 577.28 per month.
2nd Mortgage representing 20% of the purchase price = $20,000 @ 11.25% = $ 194.25 per month.

Your total monthly mortgage payment is $ 771.53 plus taxes and homeowners insurance

40 Year Fixed Rate Mortgage Due In 30 Years

1st Mortgage representing 80% of the purchase price = $80,000 @ 7.925 = $ 551.75 per month.
2nd Mortgage representing 20% of the purchase price = $20,000 @ 11.25% = $ 194.25 per month.

Your total monthly mortgage payment is $ 746.00 plus taxes and homeowners insurance

Borrow $250,000 as follows:

2 Year Adjustable Rate Mortgage (Fixed Rate for 2 years; variable rate for 28 years)

1st Mortgage representing 80% of the purchase price = $200,000 @ 7.175% = $ $1,354 per month.
2nd Mortgage representing 20% of the purchase price = $50,000 @ 11.25% = $ $486 per month.

Your total monthly mortgage payment is $ $1,839.82 plus taxes and homeowners insurance

3 Year Adjustable Rate Mortgage (Fixed Rate for 3 years; variable rate for 27 years)

1st Mortgage representing 80% of the purchase price = $200,000 @ 7.425% = $ 1388 per month.
2nd Mortgage representing 20% of the purchase price = $50,000 @ 11.25% = $ 486 per month.

Your total monthly mortgage payment is $ $1,873.80 plus taxes and homeowners insurance

5 Year Adjustable Rate Mortgage (Fixed Rate for 5 years; variable rate for 25 years)

1st Mortgage representing 80% of the purchase price = $200,000 @ 7.675% = $ 1422 per month.
2nd Mortgage representing 20% of the purchase price = $50,000 @ 11.25% = $ 486 per month.

Your total monthly mortgage payment is $ $1,908.10 plus taxes and homeowners insurance

30 Year Fixed Rate Mortgage

1st Mortgage representing 80% of the purchase price = $200,000 @ 7.825 = $ 1443 per month.
2nd Mortgage representing 20% of the purchase price = $50,000 @ 11.25% = $ 486 per month.

Your total monthly mortgage payment is $ $1,928.83 plus taxes and homeowners insurance

40 Year Fixed Rate Mortgage Due In 30 Years

1st Mortgage representing 80% of the purchase price = $200,000 @ 7.925 = $ 1379 per month.
2nd Mortgage representing 20% of the purchase price = $50,000 @ 11.25% = $ 486 per month.

Your total monthly mortgage payment is $ $1,865.01 plus taxes and homeowners insurance

Option ARM loan programs - Adjustable Rate Refinance Mortgages - You will note many variations of this innovative home financing product on the market: PayOption ARM, Pick-A-Payment Loan, 1 Month Option ARM, Cash Flow Option Loan, LIBOR (or 12-MAT) Pay Option Loan, etc. It is important to shop carefully for an option ARM or Adjustable Rate Mortgage and investigate several loan products, to find the one best for you.

Option ARM loan programs vary in the initial rate, negative amortization and lifetime caps, ARM index, or optional features, however, when comparing option ARM's/Adjustable Rate Mortgages, pay close attention to the margin and the fully indexed rate. Keep in mind that the initial interest rate holds only for the initial timeframe - x months, 1 year, 3 year, or 5 year.

Features to compare with different Option ARM loans:

Loan Term - Option ARM loans are available for 30 or 15 years.

Initial Interest Rate (Note Rate)

Your Minimum Payment Rate or 'Start Rate'. It may vary from 7.1% up to 7.925% and depends on your Loan-to-Value Ratio (LTV).

Initial Interest Rate Period (Introductory Period, Initial Fixed-Rate Period)

Option ARM loans are available with an initial introductory period, usually of 1, 3 or 6 months, 2-5 years, after which the interest rate may change.