0% Down Adjustable Rate Mortgages (ARM)¹
No down payment mortgage solution!
No down payment? No problem.
Forget about renting! With Cal Coast's Zero Down¹ mortgage loan, you may be able to move into your dream home faster than you think.
What is a 0% Down ARM loan?¹
A 0% Down ARM loan is a type of home loan we offer where you don't have to pay anything towards a down payment. We only offer these loans for new home purchases. Traditionally, when you take on a mortgage to purchase a home you usually need to put down a certain percentage of the property's price to secure the loan— which can be a significant amount of money.
Our Zero Down mortgages are adjustable rate loans, meaning after the initial 7-year, fixed-rate period your monthly payment and interest rate are subject to change on an annual basis.
- No Down Payment
- No maximum income limits
- Fixed interest-rate for 7 years
When should you consider a 0% Down ARM loan?
A Zero Down mortgage can be a good option if you want to purchase a home but you don't have a lot of money to put towards a down payment. It can give you the chance to become a home owner in the near future, instead of waiting for years to save. Without the need to pay a hefty down payment you could use your money for important things like furnishing your new home or handling unexpected expenses.
Unfortunately, not everyone can qualify for a 0% Down mortgage. Some factors that help determine your eligibility include an excellent credit score and a steady income. You should keep in mind that these loans have adjustable rates. If you decide to take on a 0% Down ARM loan it may be in your best interest to refinance before the initial fixed-rate period is over.
Features
| 0% Down without mortgage insurance¹ | 0% Down with mortgage insurance² | |
|---|---|---|
| TERMS | 7/1 ARM | 7/1 ARM |
| MORTGAGE INSURANCE | No monthly insurance | Lower than standard premium |
| MAXIMUM LOAN AMOUNT (SAN DIEGO) | $766,550 | $766,550 |
| DOWN PAYMENT | 0% Down | 0% Down |
| TRANSACTION TYPE | Purchase | Purchase |
| PROPERTY USE | Owner occupied | Owner occupied |
| PROPERTY TYPE | Single family residence, Condo | Single family residence, Townhouse, Condo |
| LENDER COST CREDITS | Seller credit allowed | Seller credit allowed |
| SPECIAL REQUIREMENTS | First-time home buyers (have not owned property in the past 3 years) | 1% borrower contribution |
Review your options with a Mortgage Loan Officer.
Answer a few questions and a home loan expert will reach out to help you.
Home Loan Resources
Call or email to connect with a Mortgage Loan Officer.
Our friendly home loan experts are here to help!
(858) 636-3045 Mon-Fri, 9am - 4pm
realestateloanofficer@ozone-1.com
Boost your offer with a Cal Coast preapproval letter.
A personalized preapproval letter shows sellers you’re a serious buyer. See what it takes to get preapproved in as little as 24 hours.
Familiarize yourself with the home buying process.
Having the right action plan can make buying a home a lot easier. Check out this helpful article with 8 tips for first-time home buyers.
APR=Annual Percentage Rate.
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