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100% Mortgage Financing

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Icon Mini Profile robertsmith2005





Joined: 22 May 2009

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Post Posted: Mon May 25, 2009 9:14 am    Post subject: 100% Mortgage Financing
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what are the prerequisite for 100% Mortgage Financing?
Icon Mini Profile JKennedySLG
JKennedySLG
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Joined: 01 Apr 2009

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Location: New Jersey/New York
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Post Posted: Mon May 25, 2009 11:11 am    Post subject:
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100% Mortgage Financing is a thing of the past. FHA offers a loan program with a down payment of just 3.5% with Interest Rates starting at about 4.875%. i hope this helps...
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Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Mon May 25, 2009 8:49 pm    Post subject:
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Hi robertsmith,

I agree with James. These days lenders are not ready to give 100% financing. You should provide with 20% down payment at least to get a mortgage. Moreover, in order to get a loan, you need to have a good credit score and income.

Thanks
Icon Mini Profile sunil87020





Joined: 04 May 2009

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Post Posted: Thu May 28, 2009 10:29 am    Post subject:
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HI jameshoqq

Is it 80 -20 type of loan structure where you have to pay 20 % down payment ?please confirm?
Icon Mini Profile smithsussane
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Joined: 18 Sep 2008

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Post Posted: Thu May 28, 2009 10:19 pm    Post subject:
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Hi Sunil!

In an 80/20 loan, the home buyer takes out two loans -- the first for 80% of the purchase price, and the second for 20% of the home's price. It is the borrower who has to pay the closing costs. This type of a loan allows people to buy without any kind of down payment.

Sussane
Icon Mini Profile sunil87020





Joined: 04 May 2009

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Post Posted: Sat Jun 13, 2009 11:06 am    Post subject:
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sussane,
both loans from same lender?(80% and 20%)
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