What are the qualifications and/or income restrictions? Also, what type of interest rate is this type of loan at today?

Matt,
I specialize in USDA and FHA financing. The USDA loan is a true 100% loan program with no money down. Not even a 3% down payment like FHA. There is also no monthly PMI on the USDA program, unlike FHA. There are geographic restrictions and income limits on the USDA program but it is a better program if you qualify. Feel free to contact me, I am a lender in Ohio. 866-784-0077.

Hi Matt
The FHA 3% down can be a gift from the sellers to you & your wife as the buyers. This can in effect be a Zero down program.
Unfortunantely,this program will go away on October 1st.
It sounds like selling your house is the real key for you. If you would like , I am extremely familiar with the Lake & Geauga county markets. I could offer you a free price opinion to assist you in properly pricing your home. Oftentimes there are many things that can be done that are relatively inexpensive but can increase the marketability of your home. I would be happy to visit you at your home to review what options are available to you. Feel free to call me at 440-487-2193 or e-mail me at jwirsing@kw.com .

There are stil some loans available at 100% to the right client, but not many. FHA still has some down payment assistance programs up through October, so you must hurry on those. I guess my question is why would you pour a lot of money into your home if you know you are going to lose money in the end? why not just price your home a bit lower than the market, sell it as-is, and be done with it? then you can more the money into a down payment. Find a professional Realtor that can help you with an as-is price that will work for you. I see people buy homes all the time that need work - it is all about the price in todays market - people are not paying that close attention to condition as you may think. I have PERFECT listings that are sitting because of price, while some bank-owned trash and horrible condition properties that are priced right are selling out of my inventory - each and every month.

Good luck!

Matt, you can still get an FHA mortgage with a 3% seller down payment assistance program. It is one in which the buyer asks the seller to contribute to the down payment. It is really a 0% down for you but not for the loan because the seller pays the down payment. Of course FHA limits the amount of a mortgage for each county in Ohio. Go ahead and talk to a loan officer for more information. He will be able to direct you to the best loan program for your individual case.

It is possible to have seller concessions pay for your downpayment and closing costs. These will be cut out I believe in October, so time is of the essence. Good luck..........I serve NE Ohio.

WOW BRAVO 800 credit score you are the exception to the rule. However 100% financing mortgage is in the past however recommend speak with a mortgage broker lending options you might consider.
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