Financing in San Diego>Question Details

Rob, Home Buyer in San Diego, CA

Can you still get 100% financing loans in this market?

Asked by Rob, San Diego, CA Tue Jan 22, 2008

I'm considering buying a home in San Diego, CA. There are some deals out there and the sales are slow. I would be looking for a 3-4 BR in the sub 417k range, but only have maybe $5k cash to bring to the table. Good fico scores (700) and solid employment. Not interested in any of the crazy ARM financing that created this mess, just a straight-up fixed mortgage.
Are lenders going to shy away from me?

Help the community by answering this question:


CALHFA might be an option for you.
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1 vote Thank Flag Link Tue Jan 22, 2008
No they will not shy away from you, you can still get 100% financing, no reserve requirements, must contribute $500 dollars of your own money. No automatic 5% declining market wack. Fico as low as 620. I have a good program as long as you don't currently own a home and are under the conforming loan limits. 50% debt to income ratios ratios if your a teacher, nurse or firefighter. 40% debt to income ratios with up to $1200 of undocumented secondary income allowed. Call me for more details.
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0 votes Thank Flag Link Wed Jan 23, 2008
Rob, the answer is Yes you can get 100%, the problem is, as my broker says, "the rates are ugly" even if you have good FICO scores. Better to at least scrounge 5%. As mentioned, probably it's limited to conforming loans if possible at all. The only other scenario may be additional owner (seller-back) financing .
0 votes Thank Flag Link Tue Jan 22, 2008
Rob -

I asked this of a lender friend just the other day. Here was his reply:

"100% financing is now pretty much limited to owner occupied and $417K loan limit
Stated income is limited to 90% max financing
Good credit is always a plus - 740 is now a threshold that some lenders are looking for."

Definitely shop around to know the options.
Good luck - good time to buy!
0 votes Thank Flag Link Tue Jan 22, 2008
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