does bank offer 100% financing when buying a new or used house?

Answer 1

Yes, but it may not be your best choice.

Answer 2

Yes banks offer 100% financing usually to about 620 full documentation or W2. If you are looking for 100% financing for under 620 its available but you want to call a local broker or lender who specializes in Subprime market. If you should go 100% financing than you want a 2/28 or 3/27 arm interest only with as short of a prepayment penalty as possible. Than you take a closed end 2nd since the rate will be fixed for the term of the 2nd note.
New home:
You can get closing costs paid by the seller by having the contract state the following:
Seller to contribute 6% to buyers recurring and nonrecurring closing costs. This should pay for all your Title fees, loan origination points, and anything else in the closing costs. Only out of pockets expense may be appraisal and home inspection.

Good luck on your new home purchase and if you have any other quesions please contact me.

Answer 3

I am in the banking industry--and your answer is yes. Many banks offer the 100 % financing (some even offer 110% for closing costs and such)...the only problem you will encounter is that your interest rate may be a bit higher and sometimes it is harder to qualify. Any major bank though has mortgage specialists (such as Wells Fargo, Bank of America, etc)...and they will be able to help you out. Good luck!

Answer 4

Yes. You don't even have to have wonderful credit to get 100% financing anymore (580 with verifiable income and 620 if you have to state your income). Really, all you need is a job and DECENT credit. It's the same requirements whether the house is newer or older. In fact, a lot of times you can get into the house without out of pocket expenses. If you'd like a little help, you can e-mail me at [e-mail]

Answer 5

100% loans are capable and doable depending on your credit score. usually anything 580 or higher, going full doc can get you 100% loan. some will even get you 112, 115 or even 125% loans even for first time buyers. many lenders are fairly lenient with newbies so the market is pretty easy for obtaining a new loan. but like I said, must have the 580 score or better otherwise you'll be stuck with an 80/20 and the mortgage insurance kills.

Answer 6

Sure, if you have amazing credit, excellent referrences, a great history with that bank, and make enough money that they don't forsee payments to be a problem.

If you are really low income, you can find some specialized loans that will foot -most- of the cost, as well.

However, if you are an average joe with an average job, and average credit, and no collateral, no, you likely won't find anyone will to front you 100%.

Answer 7

Most banks won't , but if your credit is good enough, lots of private mortgage compainies will. But expect your interest to be a little higher and you may even have to take out 2 separate mortgages based on the cost of the home.

Answer 8

Absolutely, in fact you don't even need great credit to qualify in most cases. I am a mortgage broker who works with over 100 lenders nationwide and specialize in working with all types of credit. Please feel free to drop me a line at [e-mail] and I will be happy to take a look at your situation and get you pre-qualified. There is absolutely no obligation and if nothing else you will at least know where you stand and what you qualify for. Joseph~

Answer 9

You may be able to get it on a bank repo - but there are lots of catches. Also, houses that went back to the bank may not be in the best condition.

Answer 10

they do
but you have to pay closing costs most of the times and your credit must be beautiful