california mortgage loan

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I am looking at 100% mortgage in california. I was approved for 100% rate of 7.13% for a 160k house some months back, were in escrow when I backed out of the loan as prices were dropping & thought of looking away from bay area. my mid fico is 683 and has been so for the last one year or so, I have a salary of about 60k with debts 5k and monthly payments of $300 which includes a car loan which I can pay off and that will lower the payments, income to debt ratio is within what I read it should be, if I assume would have a reasonable monthly payment on the 180k mortgage that I can afford, looking to get a 100% as not in position to make down but can pay the closing costs, can I get a good rate for 100% finance.

blue · Posted: Fri May 25, 2007 6:17 pm Post subject:

Hi Thuleen,

Welcome to Mortgagefit discussion board.

I know about one loan program from Fannie Mae called the MyCommunityMortgage which provides for 100% financing with flexibility on credit history of the borrower. And funds for closing costs are accepted from wide range of sources.

Please go through this page for more information about this program: http://www.mortgagefit.com/inprocess/mycommunity-program.html

Thanks
Blue

Guest 0.10 Dollars($)

Many banks nowadays offer 100% finance, you should check with a few of them to know what rates they are offering and the guidelines they have for making such loans.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

If you can afford to make 3% down then fha loans can be option to look into, plus you can also avail down payment assistance program.

But fha has loan limits so check on the loan limit for the region where you want to make the purchase.

Miller

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I know about one cofedbank.com, they also have loan program with 0 down facility. You can check to get more information about their programs.

ckalvesmaki · Posted: Sat May 26, 2007 5:39 am Post subject:

There are several differnt 100% options available to you. Both fannie mae and freddie mac offer 100% loan to vlaue programs at conforming rates. The process is fairly simple and straight forward. Once your application is complete( and you will need to provide them with an address of a home you are at least interested in) your file is run through either DU or LP or both. An approval is generated and you can go home shopping.

Guest 0.10 Dollars($)

Considering your salary and outstanding debts, I don't think you will have much of a problem in getting a mortgage loan. And, your credit score is also fair enough to help you qualify for the loan. There are chances that you may get slightly higher rates with a 100% financing option. But there are options like the FHA loans which allow a lender to offer financing worth 97% of the home purchase price at reasonable rates that you can possibly afford. What matters here is the debt to income ratio, more than any other factor that can help assess your credit worthiness.

charlesarmbruster · Posted: Wed Jun 06, 2007 12:43 pm Post subject: california mortgage loan

You are getting alot of interesting comments, but no solid rate/term information. I'd be happy to quote numbers for you.

charlesarmbruster · Posted: Fri Jun 08, 2007 11:59 am Post subject:

7.125% with a $1,212.69 monthly payment for a 180k 100% My Community product a s long as you can get your application through the lender's automatic underwriting engine (I assumed 5-10k cash reserves; the more the better)-- go for it!

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