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 nanlesmil
Joined: 05 May 2008
Posts: 1
1.37 Dollars($)
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 Posted: Mon May 05, 2008 4:37 pm Post subject: 100% mortgage good credit |
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looking for lender for my home buyer with good credit. Not a first time home buyer. Was prev approved for a 80/20, a program that was disontonued. Do you have an equivalent program?
William Moskowitz
Nan Miller
609-882-2747
609-9770-9996 |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon May 05, 2008 9:20 pm Post subject: RE: 100 percent financing almost unavailable |
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Hi Nanlesmil,
Welcome to forums.
Ever since the credit crisis in the US market, 100% financing is almost unavailable now. The buyer can at the most look out for 97% financing with an FHA loan. He has good credit, so hopefully if other factors are ok, then he'll be able to qualify. But you're saying that the program was discontinued. So did the buyer stop payments? Or was any step taken by the lender to stop providing the funds?
Thanks |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Tue May 06, 2008 6:19 am Post subject: |
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Hi William,
Welcome to the forum.
James has rightly said that you can do 97% percent financing with FHA. Can you give us some information on your credit and employment history so that we can give you better answers?
BTW you can get No-obligation free consultation from the rated mortgage professionals of this community to know if you can get 100 financing or not.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Wed May 07, 2008 10:35 am Post subject: |
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william & nan, if you are located in a state with a bond program, you may very well be able to obtain 100% financing. you would have to meet specific income limitations, but that is typically a viable option, even in 2008.
as noted above, 97% is the threshold for fha, and that is pretty much the product of choice for borrowers who lack funds.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Guest
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| Posted: Wed May 07, 2008 1:54 pm Post subject: |
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Hey William & Nan,
You can get to 100% with FHA when you combine it with a third party gift program, as long as the price on the homeis within FHA guidelines. I have closed 3 deals like this in the past 2 months and in all cases the borrower got their earnest money back at closing. A really sweet deal, but you have to structure the deal properly to achieve this.
Kim
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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kpatrick
Joined: 29 Oct 2007
Posts: 156
Location: Atlanta, Georgia
40.89 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Wed May 07, 2008 2:05 pm Post subject: |
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kim, you're right...if the seller is willing and the value is there.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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