Question Details

Charlie, Home Buyer in Columbus, OH

I need 100% financing

Asked by Charlie, Columbus, OH Fri Apr 18, 2008

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Dear Charlie,
Only a lender can decide if you are the right person for 100% financing. They will ask you questions relating to your credit and employment and be able to determine the best program out there for you. If you have a lender already, give them a call. If you have no one in mind, check with your Realtor for some recommendations.
0 votes Thank Flag Link Fri Apr 18, 2008
With the recent change in the mortgage industry your best option would be an FHA loan with both seller assistance ( up to 6%) and a DAP ( Down Payment Assistance Program) such as Nehemiah, AmeriDream, etc. ( 3%). With a 9% contribution you should be able to purchase with $0.
0 votes Thank Flag Link Fri Apr 18, 2008
You may be able to get 100% financing, even in this market. However, it may be a dangerous strategy, especially in a declining market. You may wind up borrowing more than the home may be worth down the road. If you should ever have a problem making a payment, you could be in a foreclosure situation which can hurt your credit
0 votes Thank Flag Link Fri Apr 18, 2008
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