2007-05-05 22:31:27 · 11 answers · asked by Panda 1 in Business & Finance ➔ Renting & Real Estate
It is possible. A lot of the programs have been taken away in the last few months but there are some still out there if you have good or atleast decent credit. Fannie Mae has even stepped in to bring some more options back after many of the lenders went bankrupt in the past few months due to so many "bad" loans.
Contact a lender...if you don't have good luck with a direct lender, contact a mortgage broker. They are sometimes the better deal if your credit is not say, stellar.
A real estate agent should be able to pair you with the best lender for your situation. Good luck.
2007-05-06 03:55:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
As everyone else has said, it is possible if you qualify for that amount you need. However, consider the fact that the seller might not agree to 100% financing. They like to see some money down at contract time. This is usually 10 to 20%. Will you be able to come up with a down payment? I know as a seller myself I would not accept an offer from someone not willing to give a down payment at contract. If I did and the person pulls out of the contract they are in good shape but I will have wasted months waiting and possibly would have lot other offers.
2007-05-06 09:40:38 · answer #2 · answered by ursaitaliano70 7 · 1⤊ 0⤋
Yes, there are many 100% financing programs out there, but there some critical things to be careful of:
- 100% financing makes sense if you intend to spend more than 5 years in the property. After closing costs, which are high, you will owe more than the property is worth, so you can't sell it if you need to. It will take several years for the property to appreciate to the point where you're no longer upside down.
- If you do 100%, make sure you get a fixed rate, and not an ARM. 100% ARMs are a recipe for disaster.
- Triple check everything, make sure you're aware of all the dirty tricks that lenders pull, like last-second rate changes, prepay penalties, not including escrow for insurance and prop tax.
If things aren't the right when you go to sign - don't sign!
2007-05-06 11:54:05 · answer #3 · answered by Rudy DelRojo 2 · 1⤊ 0⤋
100% options are still out there, and at a decent rate. The 100% percent refers to how much of the home purchase price they will finance. Score can still go as low as 580, but if you have the time be sure to pull your credti and try to improve it.
The earnest money deposit, you wil probably need. Seek out non profits in your area such as lulachousing, acorn. They may have or know of programs that may help, and like some of the ones here in vegas they are by city and vary widely.
They will usually be able to work with your credit, provide you counceling and as mentioned find you financing.
Good Luck
2007-05-06 04:27:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If your credit and income are in line there should be no problem; you need to get a good loan officer working for you. I recommend Smart Choice Mortgage. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a Smart Choice loan officer will contact you within 24 hours. Good luck.
2007-05-06 15:59:51 · answer #5 · answered by stephen l 2 · 0⤊ 0⤋
To be eligible or 100% financing on a purchase mortgage loan, it is necessary that your credit score must be minimum 600 or more. If it is in the range of 600-650, you might have to apply for 100% finance through a subprime mortgage lender.
2007-05-06 00:58:01 · answer #6 · answered by See Saw 3 · 0⤊ 1⤋
look into Nehemiah we used it to purchase our house it only cost us 1000 out of pocket to purchase it. You have to tell your real estate agent that you want to go with it cause it adds a couple extra papers that need to be filled out. But for us it was great when we built our home I used the money we saved on the deposit to get furniture to fill it up.
2007-05-05 22:48:53 · answer #7 · answered by d2347 2 · 0⤊ 0⤋
mortgages dont go by how much deposit you can put down on a house they go by how much income you and ure partner have the more you earn the bigger mortgage you can have good luck :)
2007-05-05 22:35:57 · answer #8 · answered by Anonymous · 1⤊ 0⤋
procuring without downpayment Lender supply you funds for valuable. probable can charge you an more suitable hobbies fee and bigger coverage on the own loan for not having the down fee. could you think approximately delaying your plan? As housing marketplace hunch, it is extra convenient to calculate "hire vs. purchase" state of affairs. simply by fact "appreciation" is now not a ingredient. loan fee incorporates 2 areas: hobbies and significant. hobbies are like hire, which does not upload to the fairness on your place. It purely disappear as your pay it. If hobbies ingredient of the loan fee is extra or less equivalent to hire of equivalent components, then that is a good purchase. to illustrate, permit's purchase a $500,000 residence with 0% down and prepare hobbies only own loan (purely like renting a place). loan fee could be $3250/month. that is a bad purchase, considering you may relish same components for $2000/month. Please be conscious that i anticipate the tax advantages from abode cancel out expenditures from abode association and components tax. For extra precise calculation, look for suggestion from including your CPA or accountant. yet not your realtor, whom will say something to get the deal to flow through. And returned, in case you like a undeniable components, then paying extra could be sensible. you are the only guy or woman who can decide for the way lots extra top rate you're keen to pay.
2016-10-14 21:59:20 · answer #9 · answered by ? 4 · 0⤊ 0⤋
RAMS homes loans do the 100%
2007-05-05 22:47:33 · answer #10 · answered by smokey_crim 3 · 1⤊ 0⤋