Even in the absence of the first payment, some banks are willing to grant mortgage loans. Such programs are in high demand among the population. For a young family to save up for a down payment is often problematic, as many couples initially have to rent a flat.


The main advantage of mortgage loans for the full cost of housing is the lack of the need to save money for a down payment. Thanks to these credit programs, many borrowers have the opportunity to buy an apartment at once.
The main disadvantage of mortgage loans with no down payment - a higher percentage lending. It is calculated taking into account the additional insurance risk of the lender.



However, to get a mortgage with no down payment would be extremely problematic. If before crisis of 2008, banks are quite willing to provide such credit, but now, many credit institutions turned those programs. The fact that mortgages no down payment for banks is higher risk. Lender such a borrower is perceived as a person with insufficient income or lowly (not able to save money).

It is worth considering that the Bank provides a mortgage based on the appraised value. If the price requested by the seller the above evaluation, no down payment is not enough.


The mortgage is secured on existing properties



A significant factor that contributes to a positive decision on granting a loan is the availability of liquid collateral on the loan or collateral. In particular, many banks offer mortgages secured by real estate or share in it.
Mortgage no down payment mortgages are provided by many banks, among them - "Sberbank", "Alfa-Bank", "NOMOS-Bank", "Raiffesenbank".



Requirements for the borrower in this case is still more stringent than a classical mortgage. His income should be high enough, and credit history - perfect.


Use the maternity capital as a down payment




In 2009 the parent capital can be used to pay off the mortgage, but that the child at the time the loan must be for three years. If a young family at the same time has the right to participate in the program "Social mortgage", the maternity capital can cover up to 30-40% of the price.


In order to use the maternity capital to pay off the mortgage, he must be saved at 100%, ie it can not spend to obtain a mortgage for other purposes.


Getting a consumer loan for a down payment




Finally, it is possible to take a usual consumer loan for a down payment or to consider a "dual" mortgage.


In the first case, the borrower takes the consumer credits for the first payment. It is less advantageous from the point of view of interest rates, but more profitable for the amount of overpayment (as the term of the loan less). In the second case, the borrower takes out two mortgages, the first for a down payment, the other for the purchase of the apartment. First mortgage is taken under the existing mortgage, the pledge of the purchased apartment.


It is worth considering that banks can reduce the loan amount due to the presence of other outstanding loans.