April Mortgages Unveils 100% LTV Home Loan for First-Time Buyers Seeking Zero Down Payment

April Mortgages Rolls Out 100% LTV Home Loan: A Gamechanger for First-Time Buyers

Trying to buy your first home, but saving for a down payment feels impossible? April Mortgages just took a big step that could make things easier. They’ve officially launched a 100% LTV home loan, letting qualified buyers purchase a home without putting any money down. This move lands right at the heart of today’s affordability crisis—an era where home prices have soared so much, many people are shut out before they even start looking.

The big sell here is pretty clear: no traditional down payment, full financing for your home, and a shot at homeownership you probably thought was out of reach. Unlike earlier products, this loan is geared specifically towards first-time buyers or those who just don’t have the cash to drop on a down payment. With home prices climbing and rents eating up more paychecks than ever, this is the sort of headline that gets attention.

Inside the Loan: Terms, Requirements, and How It Stands Out

So, how does this 100% LTV mortgage actually work? For starters, buyers can choose between 25 and 30-year loan periods, letting them select a plan that fits their future (and their monthly budget). Payments are fixed-rate, so you won’t get hit with sudden increases when interest rates change. This helps folks plan and stick to a budget—something that’s tough enough these days.

There are a couple catches, though. Borrowers have to chip in at least 1% of the purchase price upfront to cover closing costs. The seller can help out—but only up to 3% of the deal. And, because the whole thing is zero down, mortgage insurance is required as an added cushion for the lender. Your credit score matters, too: you'll need at least a 700 for the 20-year or longer terms, but if you go a bit shorter, 680 is enough. Nobody’s getting a free pass here, but the bar is still lower than having to come up with 20% down.

This loan is strictly for primary residences. You’re out of luck if you want to buy a condo or an investment property—this offer is all about families or individuals buying their main home, not padding rental portfolios. April Mortgages isn't looking at strict income caps. Instead, it’s all about your credit history and your ability to handle the payments. This focus on creditworthiness means the product is open to more buyers, including folks who might not qualify for other low-down-payment options that have tougher income thresholds.

In the market, April Mortgages’ launch puts them in direct competition with existing zero down products, like the one from Holyoke Credit Union. Holyoke’s version sets the lending bar a little higher, especially when it comes to credit and cash reserves, so April’s friendlier criteria could shake things up and push other lenders to loosen their requirements too. Everyone is watching to see if these products become the new normal—and how buyers use them as a jumping-off point to finally say, “We’re home.”

What isn’t crystal clear just yet are the specific rates and which real estate agents, lenders, or builders might jump onboard as official partners. But for now, April Mortgages has fired the starting gun on a fresh race to help renters cross that invisible line into homeownership, all without playing the painful down payment waiting game.