Financing in 84116>Question Details

Matt, Both Buyer and Seller in Salt Lake City, UT

Are 100% loans available if you're not a first time home buyer?

Asked by Matt, Salt Lake City, UT Tue Jan 20, 2009

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In general they are hard to come by, but there are lenders that still claim to offer them. It will depend on the lender or the mortgage broker and what programs they can offer.
1 vote Thank Flag Link Tue Jan 20, 2009
There are no 100% loan programs remaining other than VA if you are VA eligible. FHA is the lowest required down payment of 3.5%.

If you buy a HUD home which is a home that was foreclosed that had a FHA loan and you then do FHA financing then you can buy the HUD home with a down payment of only $100. Now that is a deal!
Web Reference: http://www.HomesByLorie.com
1 vote Thank Flag Link Tue Jan 20, 2009
Yes there are 100% loans available if you live in a Rural area. The Dept of Agriculture has a rural housing loan if your FICO score is over 620. Check their website for eligible areas. http://www.rurdev.usda.gov/rhs/
Only approved lenders can write Rural Housing loans, so check with your lender to see if they provide this loan product. Any home in Box Elder County qualifies for the program.
Web Reference: http://www.BRVRhomes.com
0 votes Thank Flag Link Sun Mar 1, 2009
There are certain areas of the city that have grant programs that offer down payment assistance. There is also Rural housing that is available in some areas as well as USDA. If you would like more information on these grants please visit our website.
0 votes Thank Flag Link Mon Feb 2, 2009
If you are USING HUD's REO or USDA's Rural Hosuing Program, then yes they are.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Tue Jan 20, 2009
Matt-

I have a few properties that are Flagstar-owned REOs and you can obtain 100% financing on each of them. I know that they are specific properties (6 of them in Salt Lake County) but you are more than welcome to their addresses and prices if you'd like.

Let me know if I can help.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison
0 votes Thank Flag Link Tue Jan 20, 2009
I am not a mortgage broker or a licensed mortgage loan officer but I have put a few clients into 100% loans in the last several months in the Salt Lake City area. It can be done.

Call me if you want more information.
0 votes Thank Flag Link Tue Jan 20, 2009
100% loans are now thing of past you would most likely required to have 3.5% or more as a downpayment determined by your mortgage broker based on credit scores, debt ratio, employment history 2 years,
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
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