Given today's rising housing prices, even the minimum allowable size of the down payment may be a sum, the accumulation of which can take years. What to do if the money for a down payment is not enough, but to purchase housing want now? There are several solutions to this problem.
The most obvious way of obtaining a mortgage loan with no down payment find a Bank with the appropriate mortgage program. Despite the fact that such programs are quite risky for banks, these banks still exist. Disadvantage of this option is that the interest on a mortgage loan will be quite high, as banks seek to justify their risks.
You can get a consumer loan and use it as a down payment. Disadvantage of this option is obvious - for some time the borrower will have to extinguish two of the loan, therefore, his income should be high enough. It should be noted that the lending Bank will check the borrower's credit history and can reduce the amount of mortgage loan due to the fact that he already has outstanding credit.
If the borrower already owns any property, he can use it as additional collateral for the mortgage transaction. Thus, the Bank gets a double guarantee of fulfillment of obligations by the borrower, so the interest will not be inflated. However, it should be borne in mind that the mortgaged property should be cost effective and to be in the same region as the Bank issuing the loan.
If the borrower has a certificate for maternity capital, the problem of the initial payment is almost solved. This option is the most optimal in the absence of their own savings, because the interest rate in this case is not increased. The only disadvantage of this vriant to use the maternity capital as a down payment, you need to have passed not less than 3 years since the birth of the second child.
Thus, the situation where money for a down payment on the mortgage, not quite hopeless. And for someone one of these options can be a real solution to the housing problem.