Is it still possible to get 100% financing on a mortgage these days?

Answer 1

Yes, there are a ton of lenders that still lend to 100% even traditional banks. To the guy above me, what does taking the time to save 20% of a home and a high DTI have in common? If someone can pay the same they were in rent, and buy, the tax benifits alone make it a smart choice, never mind appreciation. If you can afford it, there are very rare circumstances where renting is better than buying.

Answer 2

Yes it is still possible to get a 100% mortgage, the requirements have tightened a bit, you might have to go with a full doc loan or state your income, but verify your assets.

You have to know what you are qualified to purchase no matter if you have good or bad credit.

speculation is just that speculation.

So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.

This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.

Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.

There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.

#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment

#2 One months of pay stubs from all that are going on the mortgage.

#3 Two years of federal income taxes and W-2s

After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter. Don't forget your good faith estimate (GFE). This will give you an idea of the cost of your loan. That
is in addition to any down payment how much additional cash you must bring to the closing table.

In order to preclude PMI when a lender will finance 100% of the house you are buying the mortgage industry have solved that problem by offering a 80/20 loan. Don't be afraid of them.

You have to understand that the increase in payment if the loans are adjustable.

Your first mortgage (80%) might be a fixed product, while your second (20%) could be an adjustable product. If you don't understand the product ask your mortgage broker and don't leave until he/she has explained it to your satisfaction.
Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.

The mortgage broker will order an appraisal of the house to prove the value.

Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.

Don't sign the loan docs if anything has change from what the mortgage broker explained to you. Call and get an explanation.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Yes, you can absolutely still get 100% financing. However, the banks are cracking down on things due to fraud and bad loans. Don't feel too bad for the banks, they caused most of the fraud vying for market share.

It really depends on your credit. If you want to know more, feel free to visit my site: http://www.stefanwest.com/ and you can actually fill out a pre-approval form. I don't do loans, only real estate but I know lots of lenders that do business in many states and can forward your name to them.

Your credit score is a huge part of the equation. Also, the banks are very good about the 80% loan. It is the second part that can get more and more expensive. I have seen some people at 12-14% for second loans which is just silly. Again your credit score plays a big role, but so does the integrity of the lender you use.

My biggest suggestion would be to talk to a couple professional lenders, get a feel for them, and then have them run your credit and give you a rundown on their loan suggestions. Compare the programs, your feelings on the lenders and make sure you fully understand the entire payment.

If you are going to have your taxes paid as part of the loan payment (impound or escrow account - most people use them), get that money included so you understand your full payment. Then look at the structure of the loans. If they negative amortization or pick a payment loan, don't do it!

Get quoted on a good solid loan that is fixed for at least 5-7-10 years. If you can, go for a traditional 30 year first and good solid second that will hold up over time. Ideally, you want to work on paying that second off.

Hope that helps. Feel free to ask me questions if you need help. Loans are all about getting it right the first time so you don't have to refi or deal with an aggressive adjustible.

Answer 4

Yes, with the right credit score and right loan officer. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .

Answer 5

I think so. But if you can't put 20% down, I'd challenge you to re-consider if you can even afford to buy.

The late Larry Burkett says: If you can not find a home with a payment that is no more than 40% of your take home pay (this includes payment, insurance, taxes, utilities), you would be better off financially to rent for the rest of your life, than to get into a home that is going to ruin your budget (and get you into big debt)

Answer 6

Yes it is.....
The better the FICO score the better the chances.

MCM program from 575 and up...