what does 100% financing mean in regards of either purchasing or renting a condo.?

Answer 1

Financing means buying, not renting. The 100% means you could potentially borrower 100% of the purchase price. If you saw that on a sign, it doesn't mean that you'll qualify.

I have some mortgage terms on my website, there's a link at the bottom of my home page "Mortgage Term Glossary". It has all of the terms like LTV, PMI, ARM, it should help you understand a little more.

http://www.brokershawna.com

Also, most lenders require you to put down at least $500 of your own money, which generally is covered when you put down an earnest money deposit (see mortgage term glossary).

You can usually get the seller to cover your closing costs up to 3% of the purchase price. Lenders will sometimes allow up to 6% of the purchase price to be paid by the seller, but most sellers don't want to pay that much.

Answer 2

100 Percent Financing

Answer 3

100% financing when purchasing means you don't have to put a down payment in. You will still have closing costs.

I've never heard of 100% financing for renting.

Answer 4

It means your rating score is High. And you will not have to put any money up front when you are ready to purchasing a comdo. Your credit has to be good and you must make good money and pay all your bills on time to get this 100 per cent rating. Your doing something RIGHT

Answer 5

It means you probably shouldn't buy the property if you don't have adequate funds to purchase normally. You will have to pay for closing costs but if you can't afford to have at least 6 months worth of payments in the bank don't let the realtor sell you the property because they're desperate for a comission.

Answer 6

100 percent financing is just that - If you are buying, they offer 100% of the asking price. Be careful (ok). They want you to come in and fill out a credit application. They will pull your credit. And if you are serious of looking for a place - and you do not qualify with them, than you have a pulled credit report that you can not use else where.

Credit: For instance talk with a broker, a broker does business for many company's (I broker for 100 companies) so I only have to pull credit 1 time, and lenders look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.). If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Other Helpful Information to Know

When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok - Just depends on your credit. You could get a lower interest rate or it could be higher - it is all based on credit. It is up the Lender what they offer you.

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

FIRST TIME HOME BUYER INFORMATION

Cost associated with your loan. You will need to pay for the appraisal up front (when it being done). You will need to pay for The Home Owners Insurance Coverage for 1 YEAR . The seller can help you with up to 6 percent of closing cost. So the title fee, lender fees, underwriting fees, broker fee, processing fee, flood cert, etc can be paid for by the seller. That is why many people ask for seller help toward closing cost. FHA allows 6 percent. Depends on lenders. Check out www.hud.gov and www.fha.gov. Be well informed (ok)

Make a list of features that are important in your home

Write down desirable locations you would consider, an acceptable price range, number of bedrooms and bathrooms, and any other amenities. Be specific. It is unlikely that you will find a home that offers every feature you desire; however, without a wish list, it will be more difficult to recognize a home that meets your expectations.

Failing to properly “screen” your Realtor It’s likely that you don’t often interview people. Yet, in order to find the Realtor who is right for you, you may need to interview several. The quality of your home buying experience is dependent upon your skill at selecting the best qualified person.

Failing to make your own inspection

You probably would not want to rely on the seller to point out defects in a house he is attempting to sell. There may even be hidden problems of which he is unaware.

Be sure your sales contract is worded so that any “earnest money deposit” must be returned in the event the house fails inspection. If a major defect is found, you have the option to cancel the contract and have your deposit returned, bargain for a lower price to compensate for the cost of repairing the problem, or have the owner make needed repairs before the sale.

Even before you get to the point of a contract and having a professional inspector look at the house, there are many items you can check yourself as you are shopping for a home.

Structure – Basement, check the foundation for cracks or water marks. Floors, are they level? Does the roof sag?

Water damage – Look for unevenly painted ceiling or wall; mildew odor in basement; signs of re-plastering or re-tiling in just one area of the room.

Water pressure – Flush toilet and turn on both hot and cold water faucets at the same time to test.

Plumbing – Ask what type pipes are installed and their age. If applicable, ask when the septic system was last inspected and cleaned. Stand near the tank to detect odor or soggy ground.

Wiring – A 100-amp system is typical in modern construction and uses a one-inch main line; this can be seen leading to the fuse box. Appliances such as dryer or range require a 220-amp line. Notice if lights flicker or don’t work. Check for electrical outlets . . . usually at least 2 in each room.

Energy efficiency – Ask to check last year’s heating and cooling bills. Determine if proper insulation has been used.

Pests – Be alert for small accumulation of sawdust in the basement. This might indicate an insect problem. Obtain date and results of the last wood-destroying pest inspection.

Answer 7

You don't need a deposit, they will lend you 100% of the purchase price.

Answer 8

that u cant change it or something like thator it has to do with money..