I'm looking for a 2nd mortgage at the moment, and I will need to go to 100% LTV on the home. Are there any banks out there that still do this?
2007-10-23 02:28:15 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I doubt any of the major banks are lending 100%, but I'm sure some of the smaller financial groups are. Try a good mortgage broker - if you don't know any, ask a real estate investor or title company - I'm sure there are some out there.
A few years ago, I know GMAC was financing close to 100%, but rather than guess, call the brokers and ask what kind of loans they have.
2007-10-23 05:45:12 · answer #1 · answered by Glenn 2 · 0⤊ 0⤋
Over the last 6 months, all but a select few have pulled out of 100% second mortgage money. There is no market for it right now. Those that are still doing them are probably servicing them and keeping them in their portfolio hoping things will improve down the road. With that said....THERE IS HOPE!!! I recommend trying Irwin Home Equity. They still lend up to 100% on a second mortgage. Go to www.ihe.com. I have been a mortgage broker for many years now and I'm equally depressed about the lack of programs currently available to good people. Best of luck! - Paul Thistle - mortgagefreak.com
2007-10-23 09:51:58 · answer #2 · answered by loanplanet 1 · 0⤊ 0⤋
I seriously doubt it... haven't you been following the ongoing story about the loss of value on existing homes and the almost TOTAL LACK of Mortgage money because of the sub-prime market dragging the mortgage money market into the toilet.
NO MONEY AVAILABLE.... means NO MONEY AVAILABLE...
I don't like it any better than you do... I have sold my house 4 times since April and the deal has fallen through each time because the buyers could not get financing.
2007-10-23 02:36:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Try Bank of America. They did when I worked there a few years ago.
2007-10-23 02:42:53 · answer #4 · answered by Debdeb 7 · 0⤊ 0⤋