Home Buying in 02917>Question Details

Helene Moret…, Home Buyer in 02917

can you get 100% financing in Warwick RI since there are many foreclosures in that town?

Asked by Helene Moretti, 02917 Sun Mar 15, 2009

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You misunderstand how lenders work. The more foreclosures there are the less likely they will be to offer anyone 100% financing, why do you think there are as many foreclosures as there are.

Any traditional bank is not going to offer 100% financing. There may be some local credit unions who may as they tend to hold their loans in house and do not have to worry about the loan meeting FHA standards.

I would stronly advise you to save up some money and not look to buy a home with 100% financing even if you can find someone who offers it. Finally foreclosures are rarely the deal most buyers think they are. I encourage you to read a recent blog I posted here on Trulia about Foreclosure sales.
0 votes Thank Flag Link Fri Jan 20, 2012
Hi Helen,

I've worked with Greenwood credit union in the past year with two of my clients. They were able to get a loan through RI housing who also allowed them to get a personal loan for there 3.5 percent they would need to put down. So in this case, they did allow 100% financing. If I can be of any assistance, please do not hesitate to contact me at your convenience.

Monalisa Aguiar
Reliable Realty Group
Cumberland RI 02864
(C) 401-413-8581
(O) 401-723-3300
0 votes Thank Flag Link Fri Jan 20, 2012
Hi Helen,

The Neighborhood Stabilization Program is available for certain foreclosures in Warwick. This program provides a 20% down payment for qualified first time buyers purchasing foreclosed homes in approved areas. If you would like more information contact me at mary.lyons@century21.com.

Thanks for the question!
0 votes Thank Flag Link Sun Mar 15, 2009
100% financing is thing of past lenders require at least 3.5% or more downpayment. Does not matter number of foreclosures in a given area.

~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Mar 15, 2009
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