Home Buying in Monrovia>Question Details

W.b., Home Buyer in Los Angeles, CA


Asked by W.b., Los Angeles, CA Sat May 3, 2008

I live in Southern California and I was wondering if any lenders are financing 100%. It appears they've all lowered to 97%. Thanks for all they good advice !!!

Help the community by answering this question:


This is a difficult loan to find in this market, but perhaps seller financing may be your option. If you still need assistance, you can contact me and I can refer you to several very good lenders in your area.
0 votes Thank Flag Link Sat Jun 27, 2009
Thanks Jimmy but I'm looking for 100% financing for residential property (townhouse, condo).

I appreciate the time you took to respond..
0 votes Thank Flag Link Sun May 4, 2008
I've heard from other Realtors that there are still a couple of lenders doing 100% with full documentation and good credit. I have an excellent source for 100% financing on Commercial Property, both purchases and refinances. Credit score isn't a main factor as compared to the cash flow of the property. Its a 30-yr fixed. Feel free to contact me if you're interested.

0 votes Thank Flag Link Sun May 4, 2008
Thanks so much for your responses !!! I really appreciate the time you take to give others information !!!
0 votes Thank Flag Link Sun May 4, 2008
Hi W.B.,
It is true that you could find a loan with 100% financing but sometimes it is the seller who does not want of that sort of things, specially if the seller is a bank. The bank wants a minimum guaranteed by a down payment.
But we have done it very recently with full documentation, it is still feasible.
Muriel Levin
#23 363 91 40
Web Reference: http://www.muriellevin.com
0 votes Thank Flag Link Sun May 4, 2008
Hi W.B:

I agree with the others, the closet is the FHA and VA loan, ,which has regained popularity just recently.

You can get up to 3% seller credit back for all closing costs and another 3% seller 'gift' to the buyer for down payment assistance; which effectively allows you to get 103% loan. This just kind of amazes me.

The mortgage brokers need to be certified in order to do the FHA loans. We have a couple that do quite a few of FHA loans just recently.

0 votes Thank Flag Link Sat May 3, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
Hi W.b.

I got a couple of lenders who are doing 100% loan for 417k and below and your FICO should be 700 and up,verifiable income, full documentation. If you can meet all these requirements, e-mail me.

0 votes Thank Flag Link Sat May 3, 2008
I know of one such lender but the terms change like the crazy weather we've seen in the midWest. I'd have to agree with Pam that the closest is an FHA loan which is at 97% and then the seller can credit the buyer with the 3% for downpayment AND another 3% for closing costs. That's pretty much the only way to get back to 100% but that's becoming so rare and elusive these days...
0 votes Thank Flag Link Sat May 3, 2008
Not in our area. The closet is an FHA loan or a VA loan gor sure.
0 votes Thank Flag Link Sat May 3, 2008
Pam Winterba…, Real Estate Pro in Danville, VA
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