I have a very good to excellent credit score, cant I finance 100%

Asked by Steve, Tampa, FL Fri Nov 14, 2008

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James Wheeler, , Tampa, FL
Wed Nov 26, 2008
Yes, 100% financing is available in the Tampa area using government loan programs, and it doesn't depend on having perfect credit. Other factors are actually more important. Good credit is always helpful, but it's a rude awakening to many people to realize that good credit is just part of the picture. You will never be approved or denied for a government-backed mortgage based solely on a credit score. If you'd like to discuss your situation and your options in detail, feel free to give me a ring: James Wheeler, 813-600-3428. I'm a senior loan officer and mortgage specialist at a local government-approved lender.
1 vote
Antonio, Agent, Tampa, FL
Tue Nov 18, 2008
Where there's a will, there's a way!
If you're a veteran, VA loan is for you.............there're also very few 100% program left and ultimately.......find a motivated seller, and I'll help you get your 100% finance struutured.
Antonio 813-785-7529
Web Reference:  http://www.hothomespot.com/
1 vote
Matt Andrews…, Other Pro, Clearwater, FL
Tue Apr 6, 2010
You could if it was 2005. The only way to do it now is through the government. It's my experience that whatever money you save by dealing with the government will be lost in the time you spend filling out exhaustive paperwork and jumping through political hoops. What is your time worth? I'd rather keep my respect, guard my privacy, and put down 20%-30%. If you can't do that, maybe you should consider not buying a house at this time.
0 votes
Murray Balkc…, Agent, Santa Rosa Beach, FL
Mon Mar 29, 2010
If your area qualifies, and your income and home price qualifies, there is a 102% financing (really 100% with 2% going back into the pool) through the Rural Housing Loan program. However, the funds are expected to run out near the end of April 2010.
0 votes
Antonio, , Atlanta, GA
Sun Mar 28, 2010
Its pretty simple and dont waste your time,, go to NACA.com and you will see the 100% OPTION, no closing cost. NACA is a non profit organization that helps people to have their dream home and there are offices allaround USA, I m in GA, but there is an office at Tampa FL..Go and check for yoursefl and avoid all those depredators who wants to help for a fee... Good Luck,....Antonio,,,,,,,Tambien hay servicio en espanol;
0 votes
Robin Landis, , Langley Air Force Base, VA
Fri Nov 28, 2008
Yes, there are still a few options Steve. There is the USDA program that is utilized in Pasco County and some outlying areas of Hillsborough County. Contact a LOCAL mortgage professional for details about this program. There is also the bond program that you may qualify for. Note that both of these programs are for primary residence purchases only.

I am in the Tampa area and sell lots in Pasco so if I can be of assistance to you in finding a mortgage professional who can help you with your financing and/or can help you find you your new home, please contact me! It IS a great time to buy.

One last thing-Don't forget if you close on your new home before Dec 31st you can get your homestead exemption for next year and you can take advantage of the $7500 tax credit that the government is giving to home buyers!

Best of luck to you!
Robin Landis, ERA Dennis Realty
0 votes
BRUCE DYCK, , 65775
Thu Nov 20, 2008
Different community local banks can have different type of loans. In the rural areas there are USDA loans that can get very close if not 100% loans. There are also Community Bank loans that can even get you money to do a remodel which can be wrapped into the loan as well.
0 votes
..., , Lexington, MA
Thu Nov 20, 2008
Hi Steve

There are still "my community" programs as well as the VA and rural development programs mentioned that finance with no down payment. That doesn't mean that you won't have to spend any money. There are still closing costs, moving expenses and the like as well. More importantly, I should be asking you "100% of what?" as many first time buyers are not aware that banks (mine included) consider the lesser of the sale price or the appraised value to be "100%" I would be happy to go over that with you and discuss how to minimize its impact on the purchase of your new home.

Tom Stevens
Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank
0 votes
Trey Miller, , Tampa, FL
Tue Nov 18, 2008
Hi Steve,
I have been involved in three 100% finance transactions this year and it depends on the situation. Two of them were VA loans where the seller agreed to make a contribution to the buyer's closing cost which covered all of their costs. The other was a builder that we were able to negotiate for them to pay all closing costs, using the builder's preferred lender. It is a good idea to talk with a lender to learn about all of the available programs to see what is going to fit your needs.

Web Reference:  http://www.TampaTrey.com
0 votes
Jackie Pulca…, , New York
Tue Nov 18, 2008
Hi Steve

I am a direct lender and offer 100% financing under VA and USDA. If you are not eligible for either of these programs, then the next best program is FHA, which requires that you have 3% into the transaction, which may be gifted from a relative. In January, the investment requirement will be 3.50%. The seller may also contribute up to 6% of the purchase price, which is very common.

I will be happy to preapprove you for the program that best suits your needs. Please feel free to contact me at any time. Have a great day.

Jackie Pulcano, SVP
United Mortgage Corp
0 votes
Paula Sunshi…, , 32561
Fri Nov 14, 2008
Check with an Experienced lender in your area. Ask your REALTOR who they recomended. Your community may have Bond Money, down payment assistance programs available. You don't know unless you ask. Good Luck!!
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Fri Nov 14, 2008
There are few 100% options available. Contact a local lender for special state and local programs as well as what loan options are available. If you'd like a referral, I'd be happy to contact the agents in my database and see what lenders they recommend in the Tampa area... email me directly with your contact information: vchrisner@kw.com
Web Reference:  http://www.vickychrisner.com
0 votes
Viktor Taush…, Agent, Dallas, TX
Fri Nov 14, 2008
There is not 100% financing anymore. You could find 96.5% financing for FHA loan and 95% for conventional. Good luck.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Nov 14, 2008
100% financing is a "thing of the past", contact a mortgage broker determine your % down as a payment.
Web Reference:  http://www.lynn911.com
0 votes
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