There is a lot of debate and confusion about whether you can still get 80/20 mortgages and therefore avoid having to pay for mortgage insurance.  For instance, this article claims that we’ve reached the end of the zero percent down payment, while on this discussion thread several experts claim that it is still possible to get a mortgage without a down payment.

So what is the truth?  As with most things, the truth probably lies somewhere in the middle.  It’s hard to find any information on the topic online, and many loan companies are still advertising 80/20 mortgages.  Most likely people with good credit and income can probably still get them — I would imagine that their standards are simply a little stricter than they used to be.

In short, I don’t think you should give up hope of getting a mortgage and buying a new home in Carlsbad CA, even if you don’t have a down payment.  Talk to several lending companies and see what they have available, get pre-approved, and then start house hunting.  You might not be approved for as high an amount as you might have been once, but you may still be able to choose between the many gorgeous live work lofts and townhomes in Carlsbad.

Technorati Tags: 80/20 mortgages, down payment, live work lofts, new home in Carlsbad CA, townhomes in Carlsbad, zero percent down payment