Posted on: 25th May, 2009 09:14 am
what are the prerequisite for 100% Mortgage Financing?
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...
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
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
HI jameshoqq
Is it 80 -20 type of loan structure where you have to pay 20 % down payment ?please confirm?
Is it 80 -20 type of loan structure where you have to pay 20 % down payment ?please confirm?
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
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
sussane,
both loans from same lender?(80% and 20%)
both loans from same lender?(80% and 20%)