Home Buying in Pensacola>Question Details

Summer, Renter in Pensacola, FL

100% Financing???

Asked by Summer, Pensacola, FL Wed Oct 10, 2012

My husband and I just started building credit within the last year and we are looking to buy a home. I'm just not quite sure what prices I should be looking at. Also, we would like to be financed 100% if possible... HELP!

Help the community by answering this question:


Talk to a lender and get pre-approved. You will need a pre-approval letter to make an offer, and your lender will tell you to what amount you qualify for. Call or email me for a lender referral.

Here is a home for $100 down.

That is almost as good as 100% financing , right?

And your monthly payment would be under $350.


Marie Skopis
Exit Realty NFI
0 votes Thank Flag Link Tue Nov 20, 2012
There are definitely ways to get 100 % financing. Rural Developement is a great source for that type of program. But what your first step should be is to talk with the professionals. Find out exactly what your buying power is. If you start looking for a home's in the $150,000 range and you find out you are only approved for $100,000 it can be devastating....much better to go in the other direction. Also, the loan officer or mortgage broker can make suggestions that might insure that you improve your credit score by simple actions you have not thought of.We have many lender that we regularly send our clients to, please feel free to ask for a referral. Buying a home is a series of logical steps that will end up with you getting the home of your dreams!
0 votes Thank Flag Link Thu Oct 25, 2012
Please read more about the 100% USDA Home Loan - plenty of approved locations around Pensacola / Escambia http://www.usdamortgagesource.com
0 votes Thank Flag Link Wed Oct 24, 2012
The State of Florida has a first time homebuyer Bond Program that can give you up to $7,500 towards your downpayment and closing costs. You MUST work with an APPROVED lender go here to select your lender FIRST and she will give you the best advice:


Don't let any lenders try to tell you there is no money available, there is plenty. Many lenders do not want to do the program because it limits the profit because they cannot overcharge on the rate and/or lender related fees.

Also we have a USDA mortgage with 100% financing but it is more restrictive on the area you can buy and your maximum income allowed is also much lower than the bond program. Again, don't let a lender try to steer you away from the bond program and limit only to USDA. Lenders can make a hefty profit on a USDA or VA mortgage versus the State Bond Program so some less than ethical lenders will tell you either there is no money in the bond program or that you are somehow better off with USDA.

Hope this helps.

All the best,
Alma Kee
0 votes Thank Flag Link Wed Oct 10, 2012
Hello Summer,
There are a few options for you. They each depend on your personal situation. From rural development to SHIP or a combination, I would be happy to help you and get you to a range of homes within your budget. You can reach me at 850 390-6664. Check out my blog as well for some quick answers. Congrats on your decision to purchase.

0 votes Thank Flag Link Wed Oct 10, 2012
Willie, I think I was talking with you when I was on my jawbone earpiece and reached in my pocket to get my keys and cut us off.

Call me today
Flag Thu Oct 11, 2012
Mortgage Broker responds

See the 100% programs at : http://www.pro-option.com

Then call me
0 votes Thank Flag Link Wed Oct 10, 2012
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