Financing in Portsmouth>Question Details

Robert Princ…, Real Estate Pro in Norfolk, VA

Are there any 100% loans anymore?

Asked by Robert Principe, Norfolk, VA Tue Jan 18, 2011

Help the community by answering this question:


Here are some highlights of the USDA No Money Down program:

Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to 103.5% of appraised value, not sales price. Great on foreclosures.
One lien, no down payment assistance required
No post-closing reserve requirements
Not limited to first time home buyers
Finance needed property improvements into loan amount up to 103.5% of “After Repaired Value” (case by case, contact me for details)
NO MORTGAGE INSURANCE: That means lower payments than FHA
Full doc only, must have stable work history (2+ years)
Self-Employed borrowers okay with 24 month average income
620 minimum credit score
No open collections, charge offs, judgments or tax liens
No pre-pay penalty
30 year fixed rates
Primary residence only
Available for SFR’s, condos & town-homes only, No mobile homes or multi-family properties

To verify if a property is in an eligible area go to the following link:

If you would like more details on how to qualify for this loan please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
0 votes Thank Flag Link Tue Jan 18, 2011
Hi Robert,

There is another great one provided by USDA and it is 100% financing in rural areas only. You can check out the website for specific information in the areas you're interested in to see which ones might qualify.

Another option is to explore down payment assistance programs which in essence when used with your typical FHA loan, for example, work just like 100% financing.

Do you have a realtor that you're working with yet? If not, I can find one in your area that is up to speed with these types of options. Email me if you would like help:

0 votes Thank Flag Link Tue Jan 18, 2011
Yes - A VA loan. If you have veterans benefits you can get a VA insured no money down loan. See your loan officer for more details.
0 votes Thank Flag Link Tue Jan 18, 2011
Not that I am aware of. Are you a first time buyer or are you working with a first time buyer? If so, there are still financial programs out there geared towards first time home buyers you may want to look into. Try contacting the town hall for where you are looking to buy to see if the town itself has any programs offered. The most I've seen that banks/lenders are loaning is 96.5%-97%. Good luck!
0 votes Thank Flag Link Tue Jan 18, 2011
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