2006-08-03 00:05:16 · 8 answers · asked by The general 1 in Business & Finance ➔ Renting & Real Estate
You appear to be asking two questions and confusing two issues here.
1) For the loan, 100% financing for owner occupied dwellings is readily available to anyone whose credit is halfway decent. Go talk to half a dozen brokers or so. If on the other hand, you're talking 100% loans on investment property ("to let") nobody does more than 95% financing, and the rate structure is set up to really encourage at least a 20% down payment.
2) For buying a home, there is the issue of the good faith deposit. Nobody with a clue or any pretense to a clue is going to accept an offer without a good faith deposit. It costs sellers money to work with a potential buyer, and they want something back if you cannot qualify. I won't put an offer in that doesn't include a deposit, and I won't let my clients accept them.
2006-08-03 03:21:20 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
The most beneficial common source of no downpayment mortgages is an 80/20. It is actually two loans. The 80% loan is a pretty standard loan with a market or close to market rate. The 20% loan is a second mortgage and has a higher rate, because the risk is higher on this loan. Usually you will still need some cash for closing costs. You also will usually need to have good credit to qualify for these programs.
2006-08-03 01:02:22 · answer #2 · answered by VATreasures 6 · 0⤊ 0⤋
The best way would be to find a builder who will be prepared to give a "gifted deposit" In other words, he would give you the deposit back. If he does this with a 15% gifted deposit, then there are lenders who allow this on their buy-to-let schemes, although they are rare. The only problems would be in finding a builder who would consider this and also making sure that the surveyor still thinks it's worth the money
2006-08-03 03:01:40 · answer #3 · answered by voodoobluesman 5 · 0⤊ 0⤋
You can get a 100% mortgage, but the rates won't be as good as if you have a deposit so your repayments will be higher.
2006-08-03 00:10:38 · answer #4 · answered by Wafflebox 5 · 0⤊ 0⤋
There is a really good website run by a guy who has made a fortune on buy to lets starting out with just a few quid. Check out propertyhotspots.net, most questions can be found on this site and you can sign up for a very good newsletter on making money on let properties.
2006-08-03 00:52:50 · answer #5 · answered by lisaandmax 2 · 0⤊ 0⤋
Credit and income permitting, you can get 100% financing and if you have a good R.E. Agent, they can negotiate that the seller pay your closing costs, thus little or no money out of your pocket. =)
2006-08-03 01:00:16 · answer #6 · answered by staceydian 2 · 0⤊ 0⤋
I'm not aware of any lenders who will do this.
2006-08-03 00:29:21 · answer #7 · answered by Graham I 6 · 0⤊ 0⤋
with collateral's
2006-08-05 21:39:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋