Compare Mortgage Quotes

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

what are the prerequisite for 100% Mortgage Financing?

JKennedySLG · Posted: Mon May 25, 2009 11:11 am Post subject:

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...

jameshogg · Posted: Mon May 25, 2009 8:49 pm Post subject:

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

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

HI jameshoqq

Is it 80 -20 type of loan structure where you have to pay 20 % down payment ?please confirm?

smithsussane · Posted: Thu May 28, 2009 10:19 pm Post subject:

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

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

sussane,
both loans from same lender?(80% and 20%)

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