Mortgage Companies offering 100% Financing?
I know 100% Financing for Mortgages are almost extinct but I am curious if anyone know any Companies who still offer first time home buyers the option to purchase 100% Financing.
I realize 100% is not the way to go, but for my situation it is my only option. I make enough money to make payments for the mortage plus utilities and emergency funds, but I do not have the money saved up to put a large down payment, even 5% of purchase price. So I want only answers to Companies offering 100% Programs or even great Programs for first time home buyers. Please dont advice me to wait a few months and save for a down payment, that option is not valid for my situation.
Thank you and I hope to get some great advise for mortgage companies
Tagged with: emergency funds • first time home • first time home buyers • mortage • mortgage companies • mortgages • programs for first time home buyers • time home buyers
Filed under: mortgage financing
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I recently purchased my first home in September. It was a condo. My realtor was thru coldwell banker and I got my mortgage thru Coldwell Banker as well.
I was approved for 100% financing w/ a 3% down payment.
I got a really good deal too. I got 2.5% of the purchase price back from the seller (which in turn was almost the entire cost of my down payment) Plus the seller paid my closing costs. So basically I was out almost nothing at the signing.
Best of luck to you. I put a link in for their website
Please let me know if you find anyone!!! Thats the same question i been asking??? Thanks!! Looks like we are both on the same page….
NO… those 100 percent loans are part of the current problem because it put people who couldn’t afford it, into houses they should never have bought in the first place.
hud
fannie mae
look at those web sites.
With 700 plus credit you can do 100% one loan purchasing.
With 699 and under score you can do a FHA with 100% financing option.
1. FHA requires a 3% down payment. However places like ameridream.org allow the seller to GIFT you the required 3% down payment. The seller can also pay 6% in seller concessions in addition to the 3% gift for your down payment.
2. FHA allow’s a 3% gift from a grant, family member, or friend. you can still get 6% seller concessions to pay your closing costs.
Doing either way you do 100% financing, and it does not matter what you credit score is. FHA does loans, and credit score is NOT a factor.
Ask me additional more detailed questions if you like.