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100% mortgage good credit

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nanlesmil Joined: 05 May 2008 Posts: 1 1.37 Dollars($)	Posted: Mon May 05, 2008 4:37 pm    Post subject: 100% mortgage good credit looking for lender for my home buyer with good credit. Not a first time home buyer. Was prev approved for a 80/20, a program that was disontonued. Do you have an equivalent program? William Moskowitz Nan Miller 609-882-2747 609-9770-9996
jameshogg Joined: 20 Dec 2005 Posts: 879 Location: nevada 103.71 Dollars($)	Posted: Mon May 05, 2008 9:20 pm    Post subject: RE: 100 percent financing almost unavailable 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
larry Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)	Posted: Tue May 06, 2008 6:19 am    Post subject: Hi William, Welcome to the forum. James has rightly said that you can do 97% percent financing with FHA. Can you give us some information on your credit and employment history so that we can give you better answers? BTW you can get No-obligation free consultation from the rated mortgage professionals of this community to know if you can get 100 financing or not. Feel free to ask if you have any further questions. Best of luck, Larry
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 818 Location: bloomfield, ct 51.66 Dollars($)	Posted: Wed May 07, 2008 10:35 am    Post subject: 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 Relationship Manager First Horizon Home Loans 37 Jerome Avenue Bloomfield, CT 06002 860-286-9133 www.gmakerley.net
Guest 0.10 Dollars($)	Posted: Wed May 07, 2008 1:54 pm    Post subject: Hey William & Nan, You can get to 100% with FHA when you combine it with a third party gift program, as long as the price on the homeis within FHA guidelines. I have closed 3 deals like this in the past 2 months and in all cases the borrower got their earnest money back at closing. A really sweet deal, but you have to structure the deal properly to achieve this. Kim _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
kpatrick Joined: 29 Oct 2007 Posts: 78 Location: Atlanta, Georgia 25.95 Dollars($)	Posted: Wed May 07, 2008 1:59 pm    Post subject: Oops, forgot to sign in again...that was me above. _________________ For more information on credit repair, please visit my blog, http://creditrepair4u.wordpress.com , or my site, http://freecreditreportnow.org .
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 818 Location: bloomfield, ct 51.66 Dollars($)	Posted: Wed May 07, 2008 2:05 pm    Post subject: kim, you're right...if the seller is willing and the value is there. _________________ George M. Akerley Relationship Manager First Horizon Home Loans 37 Jerome Avenue Bloomfield, CT 06002 860-286-9133 www.gmakerley.net

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