Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for user05069489

Are there any banks that still offer piggyback or 100% mortgage?

We have good credit and good income but our cash reserves have been deleted so no money to put down.
  • September 16 2013 - Reading
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

Profile picture for wetdawgs
If you are eligible for a VA loan, or the property is eligible for a USDA loan and you meet the requirements, you may be able to find a 0% loan.  Otherwise, put together a saving plan to get to where you wish to be (calculate in closing costs and an emergency fund as your target).

  • September 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Some states and municipalities offer down payment assistance, but you would still need to have some of your own assets. As wetdawgs mentioned, you need an emergency fund as well to be certain that you have $'s to fall back on. Since you mentioned that you don't have cash reserves, maybe because of some event? This would be a good time to pause and think about what could happen if you didn't have funds to make your mortgage payment or some other emergency.
  • September 16 2013
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would call and check in with a lender.  There are definitely some 100% loans still available such as VA or USDA.  These will often require at least $1000 of your own funds to contribute though.  A lender will also be able to help inform you if there are any city/county grants available to help you with your down payment.  There are usually options out there, just need to get with an expert to help you along the way.  Good Luck!
  • September 16 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

My company recently began offering 2nd loans for purchases and refinances in the form of a HELOC.  Depending on your borrowing scenario this could be a better option for you compared to other loan programs forcing you to pay mortgage insurance.  Please contact me and we can discuss your options in detail.
  • September 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

All great replies and if their is a will there is a way.  Depending on the size loan you could be in a new home with little than $2000.  Would you have family members that could gift you funds?  Contact me via my profile if you would like to look at options! 
  • September 17 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.