{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"The Truth About "No Money Down" Mortgages (Ep. 260)","description":"Buying a home with little or no money down sounds like the perfect shortcut to homeownership. But what most young buyers don\u2019t realize is that many \u201cdown payment assistance\u201d programs are actually loans disguised as help \u2014 and they can create serious financial problems if you don\u2019t understand how they work. Mary Jo shares recent conversations with young potential clients who were approved for mortgages despite having little to no savings. The reality? Many of these programs include second liens, PMI, and repayment rules that buyers often don\u2019t discover until it\u2019s too late. Tarisa also shares her own experience using a down payment assistance program \u2014 including what worked, what she didn\u2019t understand at the time, and why the real estate environment today is very different than it was just a few years ago. Together they unpack: How down payment assistance actually works Why selling your home early can cost you thousands The hidden costs of PMI and low-equity mortgages Why renting can sometimes be the smarter financial move The dangers of financial advice from social media Questions every first-time homebuyer should ask before signing a mortgage Homeownership can be a powerful wealth-building tool \u2014 but only when you understand the numbers and the long-term commitment. Before you sign a mortgage, make sure you understand exactly what you're getting into. Key Takeaways: \u201cNo money down\u201d usually means you\u2019re borrowing the down payment Many assistance programs place a second lien on your home PMI can add hundreds of dollars per month that builds no equity If you sell too soon, you may owe money just to get out of the house Renting while saving can sometimes be the better financial strategy Social media rarely talks about the real risks of homeownership Chapters: 00:00 Introduction 02:00 The reality behind no-money-down mortgages 05:30 What down payment assistance really is 09:00 Understanding PMI and second liens 13:30 The real costs of owning a home 18:00 When renting makes more financial sense 22:30 Why social media gives incomplete advice 26:00 Questions to ask before buying a house 30:00 Final thoughts \ud83d\udcc5 Want help structuring your own banking system? Buy the book, read it, and then schedule a strategy call with our team today. \ud83d\udcd8 Read the chapter. Run the numbers. Don\u2019t overcomplicate it. Links Mentioned: Without the Bank: https:\/\/www.withoutthebank.com Follow Mary Jo Here: https:\/\/www.youtube.com\/@MaryJoIrmen?sub_confirmation=1  Contact: maryjo@withoutthebank.com tarisa@withoutthebank.com ","author_name":"Without the Bank Podcast","author_url":"https:\/\/withoutthebank.com","html":"