just wanted some opinions upon these kind of morgages!
2007-08-07 05:42:42 · 6 answers · asked by dog 1 1 in Business & Finance ➔ Renting & Real Estate
try not to! with the rise and fall of home prices in the US right now you don't ever want to be in a situation where you owe more on your house than what you could sell it for. Try doing some saving. A lot of banks are even a little leery of doing these anymore.
2007-08-07 05:47:14 · answer #1 · answered by crazy life 2 · 0⤊ 1⤋
If you take out a 100% mortgage that is fine, I (and hopefully the person you're working on this with) would recomend taking out a 85/15 or 80/20 mortage.
This means that you have two mortgages instead of one, but you can usually get a better rate on your primary mortgage, and it helps you avoid having to buy private mortage insurance.
2007-08-07 12:54:05 · answer #2 · answered by dmaniscool21 2 · 0⤊ 0⤋
100% mortgage is fine, if it fits your financial picture. You can learn what that programs are available from your local lenders. They are all pretty hungry right now, so shop carefully and listen carefully. Ask about first time buyers money if you've never owned a home before.
2007-08-07 12:48:37 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
I think they are great if you dont have a down payment and that is what is keeping you from getting into a house . My husband and I did this kind of mortgage because we were finding it very hard to save up for a down payment and if we had to save up a down payment it would have taken us twenty yrs to save up a down payment . This way in 20 yrs we will be done with it . the house payments I mean . good luck .
2007-08-07 12:48:15 · answer #4 · answered by Kate T. 7 · 0⤊ 0⤋
Perhaps not a good idea. Why not look for a housing association shared equity deal where you buy 50% and rent 50%. Your local Council may have details or search online. Good luck.
2007-08-07 12:56:07 · answer #5 · answered by SHEILA 2 · 0⤊ 0⤋
If you are first time buyer, you can fit in "First-Time-Buyer" program from goverment.
100% mortgage will seperated as 80% and 20%. You will have to pay 80% Interest+Principle. You "don't" have to pay 20% or interest until you sell the house.
If i remember correctly, requirement is less than 55,000 income per person. low credit requirement.
for more information, please visit your county
2007-08-07 14:09:18 · answer #6 · answered by Michael Y 3 · 0⤊ 1⤋