Please provide me with answers that do not include1st time homebuyer programs, good credit scores, and refinancing. I would like to know about other alternatives.
2007-01-25 04:12:15 · 7 answers · asked by Key Key 2 in Business & Finance ➔ Renting & Real Estate
My husband and I bought property under the Ameridream program. We had to put $43 down. We got information from a local realitor. Hope this helps
2007-01-25 04:18:49 · answer #1 · answered by oreobabylove 3 · 0⤊ 0⤋
Well, you have removed good credit as a requirement so that now requires an understanding of what your score really is and why your credit is less than good to determine if it is possible. Credit problems are each unique and your question is far too vague for any real help.
There are 100% financing programs that will evem allow for up to 6% seller concessions for closing costs. This would net a true 100% financing with no money down. The rates are all determined by scores and derogatory info. That is why the credit profile is the best place to start.
Here is some additional info. Hope this helps.
2007-01-25 04:33:10 · answer #2 · answered by loanman46 2 · 0⤊ 0⤋
Most lenders offer 100% financing that aren't necessarily geared towards 1st time homebuyers. For example, if you go to any Fannie Mae lender, eg, a bank, the 100% financing product is called "DU100." DU stands for Desktop Underwriter, which is Fannie Mae's automated underwriting platform that lenders use.
You can also get an 80/20 loan....which is an 80% 1st mortgage and a 20% second mortgage to avoid paying pmi which you would have with the DU100 product.
Responding to DS's comments - "hard money" lenders DO NOT offer 100% financing. HM lenders typically offer short term financing for investment properties and lend only about 65-70% of the after repair value of the property. They also lend to borrowers with rock bottom credit scores....
2007-01-25 04:56:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The terminology is called hard money loans. There are people and companies that offer loans at a higher interest rate. Their name goes on the title until you pay them back. Most loans are for three years, and by then you will have the opportunity to shop around to find a lower interest rate.
The links below will give you some example of what you are looking for--good luck.
2007-01-25 04:25:09 · answer #4 · answered by D S 4 · 0⤊ 0⤋
then you don't mean "no money down"... you mean no money at all. no down payment, and get the seller to pay the closing costs. you need to be a strong borrower to do this... high credit scores and somewhat low debt to income ratio.
2007-01-25 08:30:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have heard of people getting a loan for the down, and then the mortgage...that may be an option for you?
2007-01-25 04:25:52 · answer #6 · answered by BMW BFD 5 · 0⤊ 0⤋
100% financing shouldn't be a problem - a lot of mortgage companies do that. Expect somewhat higher % interest on your mortgage, but other than that you should be able to do it.
2007-01-25 04:16:56 · answer #7 · answered by Michael R 4 · 0⤊ 0⤋