Zero down payment mortgages Meaning and Definition
Zero Down Payment Mortgages
Pronunciation
/ˈziːroʊ ˈdoʊn ˌpeɪmənt mɔrˈtɪɡɪdʒɪz/
Part of Speech
Noun
Definition
A type of mortgage that allows borrowers to purchase a property without making a down payment, usually offered by government agencies or other special programs.
Examples
- The couple was able to purchase their first home with a zero down payment mortgage.
- Zero down payment mortgages are available for certain types of properties, such as USDA-qualified homes.
Synonyms
- No-down-payment mortgage
- Government-backed mortgage
Antonyms
- Conventional mortgage
- Down payment required mortgage
Etymology
Term originated in the 20th century, coined from the combination of “zero” and “down payment” to describe a unique type of mortgage.
Usage Notes
Use “zero down payment mortgage” in financial or real estate contexts to describe a mortgage that does not require a down payment.
Cultural References
The Kite Runner by Khaled Hosseini mentions a zero down payment mortgage as a way for a characters to purchase a home.
Idiomatic Expressions or Phrases
- “No-down-payment mortgage”
Related Words or Phrases
- Government-backed mortgage
- No-down-payment mortgage
- Down payment required mortgage
Collocations
- Z ero down payment mortgage and first-time homebuyer
- Z ero down payment mortgage and government agency
Frequency of Use
The term “zero down payment mortgage” is commonly used in the financial and real estate industries, with a moderate frequency of use in everyday conversation.
Common Misspellings
- Zerro down payment mortgage
- Zer down payment mortgage