Damaris Mass…, Other/Just Looking in Houston, TX

Any lenders that offer 100% financing for buying a new home in Cypress or Tomball area (Houston, TX)?

Asked by Damaris Massanet, Houston, TX Tue Jan 8, 2013

My husband and I want to buy our first home. We're looking at all options out there. Does someone know of a lender that offers 100% financing in the Cypress or Tomball area in Houston, TX?

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11
Bill Merritt, , Dallas, TX
Sat Jan 12, 2013
If you are truly looking at all options, and you are first-time home buyers, here is one you might think about. BBVA Compass offers a 5% Down Payment loan with NO PMI. The Down Payment and closing costs/pre-paids can be "GIFTED" by a relative. For all of you Realtors, yes, all of the funds for closing can be gifted!!! Or, the Seller can pay 3% of the sales price towards your closing costs. In addition, your first mortgage payment wouldn't be due for 4 months after closing, but we do collect 3 extra months of escrows at closing. I can promise you that even though the rate is higher than FHA, your monthly payment would be less due to not having the monthly mortgage insurance. You need credit scores of 680 and the maximum loan amount is $417,000. There is no maximum income. Feel free to contact me if you have any questions.

972-705-2806
0 votes
Jay Abeya, Mortgage Broker Or Lender, Houston, TX
Thu Jan 10, 2013
There are really only two types of loans that can offer you a 100% financing. They are VA & USDA. I am a mortgage banker and I would be more then happy to help you and your husband buy your first house together! Please feel free to contact me with any questions that you may have. Hope you have a great day!


JAY ABEYA
NMLS ID # 252320
Branch NMLS ID # 312927
K&G Capital Mortgage a Division of Houstonian Mortgage Group, Inc
7026 Old Katy Rd Suite 280
Houston, TX 77024
832-813-0100 ext 332
832-524-3842 cell
713-588-8493 fax
http://www.kgcm.com
0 votes
Your Solar R…, Agent, Silver Spring, MD
Wed Jan 9, 2013
NAVAL FEDERAL CREDIT UNION
0 votes
Al Geffon, Agent, Houston, TX
Wed Jan 9, 2013
Alfonso, Vanessa and a couple of others ...

Pr1103 wrote the following concerning USDA financing (see the third post on this thread):

" ... was looking at the income limits and I don't think we will be eligible. Our gross income exceeds $100,000."

and (with reference to FHA guidelines:

"We probably are able to save for a 3.5% down payment."
Web Reference:  http://www.har.com/algeffon
0 votes
Alfonso Paro…, Agent, Houston, TX
Wed Jan 9, 2013
Hello There,


Yes they are several. Perhaps you have to meet the USDA income, property location and credit guidelines. I do have a portfolio of lenders and I work and reside on those areas.

http://eligibility.sc.egov.usda.gov/eligibility/welcomeActio…

Please visit my clients reviews at my Trulia profile to know more about my work. At any time feel free to contact me.

Regards,
713.530.2455
0 votes
Vanessa Mart…, Agent, Pearland, TX
Tue Jan 8, 2013
Hi There!

I am a Texas Affordable Housing Specialist, and have closed a few transactions with builders in the area, and lenders in the area that offer 100% USDA financing. There is some criteria you must meet to qualify for the program, and you must stick to the USDA areas, but there are several areas in Cypress that meet the guidelines. Let me know if you'd like some help. Talk to you soon... ;) V
Web Reference:  http://www.Vsellshouston.com
0 votes
Al Geffon, Agent, Houston, TX
Tue Jan 8, 2013
I generally use 6% to 8% of the sales price as a guideline for FHA loans ... includes down payment and closing costs. Sellers may or may not contribute ... depends on their situation and how anxious they are to get a deal done. A $150,000 home shouldn't require more than $12,000 in cash, but it will likely be less ... don't like last minute surprises.

Best of luck. If I can help in any way, by all means get in touch with me. There is no cost to you as a buyer for my services and expertise. The sellers' interests (be it new construction or a resale) will be professionally represented ... yours should, as well.

Regards ...

Al Geffon
(713) 213-6350
al@geffon.net
Web Reference:  http://www.har.com/algeffon
0 votes
Mark McNitt, Agent, Houston, TX
Tue Jan 8, 2013
Are you a veteran? You can do 100% financing and no money down. Otherwise, most of the time, you will have to put some money down such as 3.5% down with an FHA loan. Keep in mind if you can come up with that, we might be able to get the seller to pay some or all of your closing cost. Much will depend on your credit scores. The higher the scores, the better chances you can get that type of financing.

I have several lenders on my web site that work with 1st time buyers. http://www.markknowshouston.com/res_list.php?cat=12282&c…

Please give them 15 minutes of your time and you will know right away. Keep in mind the lender does not have to be located in Tomball/Cypress to help you. I live in the Cypress area off of Hwy 290 and would be happy to show you around. Let me know if you have any additional questions.

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes
Damaris Mass…, , Houston, TX
Tue Jan 8, 2013
Thanks! We probably are able to save for a 3.5% down payment. Not sure how much are the average closing costs, which we have to take into consideratio. We're trying to get everything done in time to buy on May - June 2013. Thanks again for your help.
0 votes
Damaris Mass…, , Houston, TX
Tue Jan 8, 2013
I was looking at the income limits and I don't think we will be eligible. Our gross income exceeds $100,000. Thanks.
0 votes
Anna Maria D…, Mortgage Broker Or Lender, Houston, TX
Tue Jan 8, 2013
Hi,
Yes, we offer the USDA program which is 100% financing. Not all areas are eligible but parts of Tomball and Cypress may qualify. Please let me know if you would like to have more information. I'll be happy to work with you. Thank you!


Anna Maria Durr, NMLS 266699, TREC 596662, Codemark Financial
2626 Richmond Ave., Houston, Texas 77098
281-592-0667, anna@codemarkfinancial.com
0 votes
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