It is true that you could find a loan with 100% financing but sometimes it is the seller who does not want of that sort of things, specially if the seller is a bank. The bank wants a minimum guaranteed by a down payment.
But we have done it very recently with full documentation, it is still feasible.
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I agree with the others, the closet is the FHA and VA loan, ,which has regained popularity just recently.
You can get up to 3% seller credit back for all closing costs and another 3% seller 'gift' to the buyer for down payment assistance; which effectively allows you to get 103% loan. This just kind of amazes me.
The mortgage brokers need to be certified in order to do the FHA loans. We have a couple that do quite a few of FHA loans just recently.
I got a couple of lenders who are doing 100% loan for 417k and below and your FICO should be 700 and up,verifiable income, full documentation. If you can meet all these requirements, e-mail me.