ZeroMortgage (also known as Interfirst Mortgage) is a licensed mortgage lender located in Illinois, ZeroMortgage appears to be licensed in most states and offers a variety of mortgage financing options, including conventional, FHA, jumbo, VA, and reverse mortgage financing.
Conventional mortgages are the most common type of mortgage financing. Conventional loans are underwritten and funded by private lenders like ZeroMortgage, but they’re not backed by the government like FHA and VA financing. The minimum down payment for a conventional loan is typically 5% with excellent credit.
If you put down less than 20%, you’ll be required to carry private mortgage insurance, which is paid as part of your monthly mortgage payment.
There are a wide variety of conventional products available, including 30-year fixed, 15-year fixed, 10-year fixed, and various hybrid and adjustable-rate products.
FHA mortgages are written and funded by private lenders like ZeroMortgage, but they’re insured by the Federal Housing Administration. An FHA loan is a great option for first-time homebuyers because the minimum down payment is typically just 3.5% of the purchase price. FHA financing is also a great option for borrowers with dinged credit who might have trouble qualifying for a conventional loan.
FHA financing requires mortgage insurance on all loans, regardless of down payment/loan-to-value.
There are a variety of FHA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
VA financing is for active duty, reserve, and retired military veterans. VA mortgages are written and funded by private lenders, but backed by the Veterans Administration. VA mortgages are a great option for eligible homebuyers because the minimum down payment is 0% of the purchase price and mortgage insurance is never required.
VA credit and income requirements are also often more flexible than for comparable conventional loans.
There are a variety of VA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
Jumbo mortgages are a form of conventional financing designed for higher home values and borrowers who intend to borrow more than the conforming loan limit.
There are a wide variety of jumbo products available, including 30-year fixed, 15-year fixed, and various adjustable-rate mortgages.
A reverse mortgage is a unique home loan that offers homeowners 62 and older access to home equity with no monthly mortgage payments and without giving up ownership of their homes.
The most popular reverse mortgage in America is the FHA-insured home equity conversion mortgage, or HECM. HECM reverse mortgages can be used to purchase a home or extract equity from a home you already live in and own.
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If you’d like to reach out to ZeroMortgage to explore your mortgage financing options, you can reach them at the contact information on this page.
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