Financing in Orlando>Question Details

Jonathan, Home Buyer in Orlando, FL

Can I get a 100% loan?

Asked by Jonathan, Orlando, FL Mon Jan 28, 2008

My wife and I are considering buying a home this summer in the Orlando metro area. We are looking in the 200-300K range. We have above 700 credit scores and steady employment. Are there any 100% 30 yr fixed financing options? If not, what minimum down payment do we need to come up with.

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Answers

6
Jonathan:
There are 3 low down payment choices that are becoming popular with buyers.
FHA - 2.25% down
VA - 0% down must be a vet with eligibility
US Rural Development - 0% down - house must be in an eligible area
check USDA website with address, most metro ares are excluded, suburbs may not be
Thanks
Mike Moyer
800-721-4228 x14
Web Reference: http://www.myallied.net
1 vote Thank Flag Link Mon Dec 8, 2008
Look into http://www.naca.com. Fixed 30 year loan, no downpayment, no closing cost. We are going through this program right now.

Good luck!
Web Reference: http://www.naca.com
0 votes Thank Flag Link Tue Dec 9, 2008
Shesh, for a second there I thought it was 2003.
0 votes Thank Flag Link Wed Apr 2, 2008
Mycommunity/homepossible is 0 down but have income limits.
FHA is 2.25% down ...and their loan limit maybe up to 362k for your area.
VA is zero down..and goes up to 417k

I would go with the FHA as the rates are as low as 5.5% Today
0 votes Thank Flag Link Mon Jan 28, 2008
Simple answer is YES, there are still 100% financing options out there. If you are eligible for VA financing it's no problem. There are also conventional programs that still do 100%, most requiring Mortgage insurance, but there are a few that do not require any.

Your best bet is to contact a knowlegable Loan Officer or Mortgage broker. I always reccomend a particular Officer at Wachovia mortgage. He is currently closing 1 near 100% deal with no MI, and another 100% deal with 0 MI. His link is below
Web Reference: http://timionno.com
0 votes Thank Flag Link Mon Jan 28, 2008
Based on your profile so far, absolutely! The only other caveat would be debt to income ratio. I would be happy to discuss your options. You can reach me at 386-882-5699 or by email at jennifer.r.powers@us.hsbc.com. I look forward to hearing from you.
0 votes Thank Flag Link Mon Jan 28, 2008
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