We need to get 100% financing to buy a new house. We have zero for a down payment & need to finace closing cost as well. Total loan wouldn't be more than 100,000~110,000. We just got this type of loan last year but we need to move & are selling our current house for pay off, just to get the hell out of this neighborhood, so that leaves us with nothing to put down on a new house
2007-08-28 12:07:42 · 9 answers · asked by justaskme 3 in Business & Finance ➔ Renting & Real Estate
I don't know where you are located, but if you have established good credit with your current lender why don't you call them and ask. Call around there are still a great many creative lenders.
2007-08-28 12:43:30 · answer #1 · answered by Beach Saint 7 · 1⤊ 1⤋
There are some closing costs you absolutely can't roll into a mortgage and with the current problems in the Mtg industry, unless your credit score is at least 720, I doubt you'll get a 100% mortgage. If you're moving only a year after buying, are you sure you're even going to be able to pay off the old mortgage after real estate commissions? Most houses are selling for less than they did 12 months ago. You may not be able to afford to sell. You might have to pay money (that you say you don't have) to get rid of the house. You have to forget moving or move back to an apt until you save for an down payments and closing costs
2007-08-28 14:03:10 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Lenders will base the amount of their loan on the appraised value. If you can find a house that will appraise for less than the selling price, you may be able to get a loan. Much of what you can do will depend on your credit score. If you made all of your house payments on time, then I would start with them. The closest way I know of to get most financing is through a FHA loan. I suggest you also check with a local mortgage broker to see if they can direct you. They usually have many sources where they can place a loan.
2007-08-28 12:56:13 · answer #3 · answered by Flyby 6 · 0⤊ 1⤋
Sounds like you got into some type of first time home buyer's program, which now you will not qualify for. You may be subject to pre-payment penalties if you do sell, so you may want to look into that because if you have zero for a down, you'll have zero for penalties.
You'll need to find a seller that will contribute to your closing costs. You will have to be at or near full price, as this amount will come off your seller's bottom line.
Be wary of internet lenders or those that will spam you for business. Never a good idea.
2007-08-28 15:16:00 · answer #4 · answered by godged 7 · 0⤊ 1⤋
Hi I am a loan officer. It depends where you are located but I may be able to help. Credit score, payment history, etc are some factors we would need to look at but I still have lenders that are offering 100%. Contact me and we can go from there.
2007-08-28 16:18:10 · answer #5 · answered by lady t 1 · 2⤊ 1⤋
look at MyCommunity and HomePossible and Flex 100 programs. they are no money down programs....it would be good if you had a 620 to avoid HIGH PMI payments.
it sounds like you WILL need the seller to contribute the 3% towards closing. MAKE SURE YOU GET THIS!!!
2007-08-28 16:06:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Go talk to a mortgage broker. They've got access to all sorts of loans. Sounds like you might need a "bridge loan."
2007-08-28 12:14:50 · answer #7 · answered by Uncle Pennybags 7 · 1⤊ 2⤋
The way I did it was to get an 80% first mortgage and a 20% second mortgate. You will need to have sufficient income to qualify, but if you meet that and have a good credit rating, you should be able to do it.
2007-08-28 12:17:18 · answer #8 · answered by Butch 3 · 1⤊ 3⤋
can't do it. haven't you heard about the mortgage crisis.
2007-08-28 12:13:40 · answer #9 · answered by Anonymous · 2⤊ 2⤋