With many lenders cancelling their 100% financing programs we still have lenders that will provide them but you must have excellent credit, 700 score or above if you can't show your income. If you can show your income the scores can be lower but in each case you must be able to show at least 2 months of reserves. Most lenders don't provide one loan anymore. They will provide two mortgages. The first mortgage will be for 80% of the purchase price or appraised value. The second mortgage will be for the other 20%. There aren't any lenders providing 100% Financing on Investment properties anymore.
We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with a zero down mortgage loan. You’ll not only be able to afford a home sooner, you’ll probably be able to afford more home. With a zero down mortgage, the amount of loan you can qualify for is determined by your ability to make your monthly payments rather than how large a down payment you’ve saved. And, for most buyers, this means qualifying for a larger loan.
Buying a home is something we all dream about, usually for years. You may have saved money for a down payment, but just don’t have enough to buy your dream home.If that’s the case, a piggyback loan may be the best option for you. Different than a zero down mortgage, a piggyback loan is actually two mortgages.The first mortgage is for 80% of the purchase price.The “piggyback” loan (or second mortgage) covers the shortfall between the purchase price and your down payment savings which can be up to 20%. You would have two monthly payments but it would get you into your home now. For these types of mortgages you usually have to have good credit as the lender has no equity to fall back on if you default on your mortgages. It costs a bank about $50,000 to foreclose on a property so they try to make sure that the person obtaining 100% financing is a good credit risk.
Let us help you explore all your mortgage options. We have many different programs available. We look forward to helping you!
call us at 1-866-771-1594
Pros & Cons of 100% Financing
If you are looking to purchase a new home you have probably found that there are an abundance of financing options for homebuyers seeking 100% financing. If you have equity in your current home, or if you have a little money saved up you may be weighing whether to put money down on the new house, or to use it for other purposes such as paying for a childs education, investing it, etc.
If you find yourself in this position there are going to be tradeoffs regardless of what you decide to do. Here are a few of the pro's and cons to taking out 100% financing on a home.
There are several pros and cons to financing 100% of your new home versus putting money down. However, most pros and cons are going to depend on each and every consumers particular situations. On pro for one hundred percent financing is that it allows you to hold onto whatever money you have saved and keep it for a rainy day, for unexpected home repairs, tough times, and other emergencies. By using the little money you have put away in your savings account, checking account or other investment accounts for a down payment on your home, you are tying your liquid assets up into the equity of your home which may not always be easily accessible if an emergency arises. Therefore, 100 percent financing can allow you to hold onto your money and use that for emergencies or to put back into your house as needed.
One Con of 100% financing is that the rates will be higher than if you put money down.
Since the interest rates are higher for the 100% financing, make sure that you are comfortable with the level of the monthly payment.
From an investor's point of view, the return on investment with 100% financing is much greater when the property increases in value than if the investor puts a large down payment.
Being aware of your local real-estate market is essential. If the home value drops below what the mortgage is owed, this could cause more money to be owed than the home is worth. It could become harder then to sell your home if you are in that particular situation. Your real-estate agent along with your mortgage professional will be able to advise you on these situations.
More and more lenders are raising the minimum credit score on these products as the housing market is changing in most areas and it is going down. When appraised values were increasing quickly it was much easier to qualify for an 100% mortgage.
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