there's likely a little known mortgage program sitting right under your nose and it's the 100% down conventional loan and this is offered at a lot of credit unions and smaller Regional Banks so it's probably one right in your community that would lend you money to buy a home with no down payment and also no mortgage insurance so you'll be able to save now this is really popular with Navy Federal covis I'll try to put any banks that I'm aware of but it's also popular at some of your local credit unions I'm Shah Hill getting you over the hill to home ownership and help you confidently buy your first home so a lot of people are not aware that number one conventional loans are not just 20% down the 20% down helps you avoid mortgage Insurance however there's another loan this 100% financing loan no down payment that also helps you avoid mortgage insurance now there are um the main and I'll just start with it up front one of the things you're going to find with some of these conventional loans is that the interest rate might be a little bit higher but I'll help you find a way around that as well so if you're thinking hey I don't have a lot of money for a down payment I have some money but I would rather keep it as part of my emergency fund or use in other areas this 100% loan product may work for you so again it's 100% financing there's no PMI there could be a little bit more of closing cost with this loan however the way that a lot of people are using this loan particularly people that might you know use down payment assistance programs instead of using you know this product maybe you don't have a lot of down payment assistance programs where you live you can if you do this right and I'll give you an example of a a client that I worked with that used this loan in the last 6 months she did the one with Navy Federal you can do this where there will be very little money out of pocket if you do it right so you're going to be asking for and this is better with resales than new construction because new construction already typically has their preferred lenders so you're not able to do sometimes 100% financing unless their preferred lender has this type of program so this will work usually better with resale homes so with resale homes a lot of sellers are sitting on a lot of equity because they their homes went up in value so quickly you know in the last 3 to four years A lot of times you're finding that they can pay your closing costs and in this instance the house I believe was was about $400,000 or so the closing costs were about $110,000 so our just you know in our initial consultation she said hey I'm looking for a seller that's willing to pay all my closing costs we had our loan estimate we knew what the closing costs were going to be so in every offer that we made we asked the seller to pay all of the closing costs and in some and sometimes we were actually going below list price in addition to wanting them to pay some of the closing cost so it wasn't that you know everybody was accepting the offer but when she finally found a home and it might have been on the market about 30 days it was perfect it had a backyard it had all of the things that she was looking for it was in a CAC it was in a you know had a backyard twocc car garage five bedrooms Loft everything and we put our offer in we actually put an offer in with two homes on the same exact street one said no to our offer because they wanted us to come up and they didn't want to pay that much in closing cost and the other one with a little bit of negotiation you know pay um at first they didn't pay all of them I think they went to like $7,000 but by the end of our negotiation we were able to get 100% of her closing cost paid so she had literally no money out of pocket with with the exception of her upfront cost if you're not familiar with that I have a video that will explain those upfront costs but earnest money her appraisal fee and her home inspection but even because all of those the appraisal and the earnest money you know you get that back if they pay your closing cost so and with Navy Federal specifically and I wasn't aware of this but Navy Federal even refunded her home inspection fee so when I say there was no money out of pocket there was no money out of pocket we actually had money left over and we did a home warranty on top of that and I think she used some of it to buy down her rate a little bit so if you can make this happen you have to go into it having this discussion with your agent saying hey I'm looking for a house and I also need the seller to pay you know the closing cost so you're putting that those offers in and again it might not we probably worked together for at least 6 months we probably took about about a two-month break in between but you know she was able to get it done no down payments no closing cost there were closing costs but the seller paid them so she was able to keep you know a lot of her money on hand to do things that she wanted to do in the home to keep a large emergency fund for herself she did um need three months of reserves with Navy Federal Credit Union so and that means like three months of the mortgage payment saved so they don't you know want you coming in you have no money and so you may find in a lot of the other credit unions that offer this mortgage product they want to see 3 months of the mortgage payment saved so if you are for example say the mortgage is $2,000 they want to see $6,000 saved now that money can also in most cases be part of a retirement account your 401k as long as they can see that you would have access to money if you had you know trouble paying your mortgage so I hope this was helpful I want you to look cuz again this might be right under your nose in your local community your local credit union those Regional Banks um where it's 100% financing work with your agent to get you know put in offers in which the seller may be willing to pay all of your closing costs or maybe even the majority of your closing costs um um and again they everybody may not be willing to do it but you know if that's your strategy going in you can find a home with very little money out of your own pocket if you have any questions please put it in the comments of course I have my firsttime home buyer Master Class you shouldn't buy a home without it in the description of this video thank you so much please like And subscribe if you haven't already