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Started By
Message
Can you still get 100% financing?
Posted on 9/29/08 at 5:08 pm
Posted on 9/29/08 at 5:08 pm
During this time and with the state of economy is it still possible to get 100% financing on a home or condo? Lets say you are 25 make 50+K a year, have great credit and has never defaulted on a loan or been late for a car payment. The only problem is you dont have $20,000 or so to put down on a house.
12
Posted on 9/29/08 at 5:12 pm to NickyT
i sure hope not. This is part of the problem.
Posted on 9/29/08 at 5:13 pm to NickyT
I doubt it.
Posted on 9/29/08 at 5:16 pm to NickyT
VA
Posted on 9/29/08 at 5:18 pm to NickyT
When i was in hammond at my grandparents' for Gustav there were 2 homes in their neighborhood with for sale and 100% financing offers in their yard. These are nice homes too, both were listed for $350K+. I was thinking it was odd.
Posted on 9/29/08 at 5:21 pm to NickyT
Stricter lending is going to become a norm in the future because of what is going on now. I seriously doubt you can get 100% financing now regardless of a good credit score. No down payment of at least 20%, no loan. That's the way it should be.
Posted on 9/29/08 at 5:26 pm to silstang23
quote:
This is part of the problem
How is that the problem if someone is obvious qualified? The problem was giving it to people who were or are not qualified.
Posted on 9/29/08 at 5:30 pm to NickyT
quote:
How is that the problem if someone is obvious qualified? The problem was giving it to people who were or are not qualified.
True. Lets just say qualifications will be much higher and stricter because of the crisis now.
Posted on 9/29/08 at 5:31 pm to NickyT
quote:
How is that the problem if someone is obvious qualified?
House drops in value. You lose your job. Home goes into foreclosure and the bank loses money.
Posted on 9/29/08 at 5:48 pm to NickyT
quote:
How is that the problem if someone is obvious qualified? The problem was giving it to people who were or are not qualified.
OK so when we loaned $600K to qualified folks in Orange County, CA who then saw the property depreciate 30% and now are $180K lopsided... you dont see the problem here if they have even the remotest hiccup.
Think about it, you and the bank are making an investment together... except you dont think you should have skin in the game.
As for your original question, FHA at 3% down, Fannie/Freddi at 5%
Posted on 9/29/08 at 6:04 pm to igoringa
quote:
OK so when we loaned $600K to qualified folks in Orange County, CA who then saw the property depreciate 30% and now are $180K lopsided... you dont see the problem here if they have even the remotest hiccup
I defiantly see the problem in that. But what if someone who is being responsible, trying to purchase a home/condo they can afford. Nothing luxurious, big, or even new but it is in a surviving market?
This post was edited on 9/29/08 at 6:51 pm
Posted on 9/29/08 at 6:27 pm to NickyT
Yes.
VA, Rural Development
FHA 97%
Goverment programs are still available
VA, Rural Development
FHA 97%
Goverment programs are still available
Posted on 9/29/08 at 6:29 pm to NickyT
if you qualify, you prolly dont need it
Posted on 9/29/08 at 6:34 pm to cenla tigah
quote:
if you qualify, you prolly dont need it
I disagree. There are people that have good jobs and make money to make the payments and can qualify for such a loan.
Posted on 9/29/08 at 6:41 pm to novabill
quote:
disagree. There are people that have good jobs and make money to make the payments and can qualify for such a loan.
100%??? gimme a break
Posted on 9/29/08 at 6:49 pm to NickyT
quote:
they can afford nothing
Without something down.
Posted on 9/29/08 at 6:50 pm to NickyT
FHA with government down payment assistance programs/bond money.
Posted on 9/29/08 at 7:05 pm to cenla tigah
quote:
100%??? gimme a break
What is your problem with the programs mentioned. Are their default rates any higher than the conventional loans? I have not done that research.
Posted on 9/29/08 at 8:26 pm to NickyT
quote:
NickyT
rent
Posted on 9/29/08 at 8:33 pm to CharlieMorrisTiger
you can get a home with 5% down right now. If you can't afford a down payment of 5% buy a cheaper home or rent until you can.
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