FHA mortgage loans are right now the best way to buy a home for no money down. If you live in an area where Fannie Mae or Freddie Mac has deemed a declining market, your appraisal will be reduced by 5%. This means that that 100% financing program you were trying to get will require you to bring in 5% down payment now. So what is a buyer to do? You should apply for an FHA loan. You can buy the home with none of your money. You will still need to have 3% of your own money in the transaction but you can get that in the form of a gift or the Ameridream program.
The Ameridream program is basically legal money laundering that the government has set up to get home buyers their down payment. The seller can also give you the money through the Ameridream foundation. They don't directly give it to you, the Ameridream Foundation will pass it through to you at closing. Either way it works. You will need to provide your full income documentation including tax returns and pay stubs. You will not need to have any reserves in the bank and there is no minimum fico or credit score requirement.
For more info go to GetPrequalified.com
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