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Started By
Message
100% Financing
Posted on 3/16/12 at 9:38 am
Posted on 3/16/12 at 9:38 am
Anyone know of any other options to buying a house with 100% financing?? Was told me and the wife make to much for Rural Development loan.
Posted on 3/16/12 at 9:44 am to wegotdatwood
Negative on the VA Loan, I can do FHA but trying to put nothing down so I can do other things once the house is built (fence, ditches, gutter, etc.)
Posted on 3/16/12 at 9:46 am to LSUtiger09
I'm not trying to sound OT Baller-ish, but if you make too much for Rural Development loan, you should have enough $$ to put down for the FHA.
Posted on 3/16/12 at 9:52 am to Golfer
To the op, just save up the 3.5%. Maybe lower your expectations on the home if that's too much.
Posted on 3/16/12 at 9:54 am to wegotdatwood
Posted on 3/16/12 at 9:58 am to Golfer
I have the 3.5% and also have closing cost, but like I stated above I would rather not have to put anything down.
Posted on 3/16/12 at 11:27 am to LSUtiger09
You are SOL, no one does 100% beyond rural housing.
You could possibly do it if you deposit assets worth twice the value of the home with the bank. Those days of no money down are long gone.
Why don't you buy a house that already has what you want to fix and just put the 3.5%, as a percentage you may actually be spending less money and getting more house depending on what your plans were.
You could possibly do it if you deposit assets worth twice the value of the home with the bank. Those days of no money down are long gone.
Why don't you buy a house that already has what you want to fix and just put the 3.5%, as a percentage you may actually be spending less money and getting more house depending on what your plans were.
Posted on 3/16/12 at 11:31 am to LSUtiger09
quote:
I have the 3.5% and also have closing cost, but like I stated above I would rather not have to put anything down.
Those days are long gone. In fact, even in looser days in lending other than VA and RD loans there was little to no 0% down mortgage money available.
They like you to have a stake in the property. They really like that.
Posted on 3/16/12 at 11:33 am to tiger94gop
Check with your lender. There are typically Parish Housing & Finance Authorities, as well as in some cases a City Housing Authority.
Many of these places will have down payment assistance programs.
HUD for example has a "Good Neighbor Next Door" program. If you buy one of their foreclosed properties and can verify you're a law enforcement/first responder type, you put in a full price offer, make 36 payments on a 50% LTV loan, & they carry a silent 2nd that is totally forgiven at the end of 36 months.
Instantly giving you 50% equity after 3 years.
But, many other places will provide down payment assistant grants or subsidized 2nds. You need to look into these.
Many of these places will have down payment assistance programs.
HUD for example has a "Good Neighbor Next Door" program. If you buy one of their foreclosed properties and can verify you're a law enforcement/first responder type, you put in a full price offer, make 36 payments on a 50% LTV loan, & they carry a silent 2nd that is totally forgiven at the end of 36 months.
Instantly giving you 50% equity after 3 years.
But, many other places will provide down payment assistant grants or subsidized 2nds. You need to look into these.
Posted on 3/16/12 at 11:34 am to LSUtiger09
way back in the day, I had the seller pay the money down on my FHA, maybe even the closing costs. is that still an option?
Posted on 3/16/12 at 11:36 am to Breadcrumbs
quote:
way back in the day, I had the seller pay the money down on my FHA, maybe even the closing costs. is that still an option?
If they can spot 6% closing costs, then why not pay closing costs or roll them into the loan & have them spot the down payment?
If that assists with the stips standing in the way of an approval or clear-to-close, I'd be all over it.
Posted on 3/16/12 at 12:04 pm to GFunk
The seller can't pay the down payment with FHA, only your closing costs.
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