Financing in Mannsville>Question Details

Clyde Dougla…, Home Buyer in Buffalo, NY

Need a NO MONEY DOWN mortgage for a property that's selliing for UNDER it's assessed value.

Asked by Clyde Douglass, Buffalo, NY Mon Oct 8, 2007

The house is in Mannsville, NY and would be the purchaser's primary residence.

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Answers

4
Clyde,

You need to be aware that the My Community Mortgage is now limited to 97%.

The only 100% purchase options I am aware of are V.A. and FHA with a down payment assistance program

Good Luck!
Trey Bowden
Mortgage Lender
Oklahoma
(405) 340-3277
0 votes Thank Flag Link Wed May 14, 2008
Sounds like you think you are getting a good deal buying it under assessed value. I gotta let you know that {County Tax assessor } assessed value is not closely correlated to market value. You will still get a professional opinion of market value from either a Realtor (not the same Realtor that represents the seller, by the way) and / or an appraiser.

Assuming that the pro confirms that your deal is indeed selling below MARKET value, the lender considers the lower figure of either the appraised market value or the contract price.

The other good news is that 100% purchase financing is still available for owner occupants who have good credit and can document their income. You will still have some closing costs to pay such as escrow fee and title insurance, and first homeowners insurance premium. Several of the pros that respond to this post are mortgage brokers, check their profiles.
0 votes Thank Flag Link Tue Oct 9, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Fannie Mae's "My Community", (which is available through many lenders besides Bank of America), is usually priced a little higher. The best bet would probably be FHA, with sellers paying up to 6% towards closing costs.
0 votes Thank Flag Link Mon Oct 8, 2007
Hello,

Depending on the value of the home, you may want to look at a My community program and or ACORN program offered by Bank of America. There are still a few 100% deals out there, you just have to sniff them out. Is FHA a viable option for your clients? I would reach out to 2-3 different lenders and paint them the picture of your clients scenario, they will hopefully point you in the right direction. By letting the Lender know you are shopping the loan, it will entice them to fight to get your clients business.

Good Luck,
Ken Herrera
Century 21 Infinity
0 votes Thank Flag Link Mon Oct 8, 2007
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