who still does 100% mortgages? (loan, requirements, financing, loan) - Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

C5Aprea · 07-30-2008, 02:06 AM

Im selling my house, but may have to rent it.
that being said, Id like to buy a house in Florida and rent my house in Vrginia that just isnt moving.

Who still does 100% financing ?

Lisalrenee · 07-30-2008, 07:28 AM

Am in the middle of purchasing - and the only program I found w/ 100% financing was USDA - but there are requirements re: income and location of property.

renriq02 · 07-30-2008, 07:41 AM

USDA is for rural areas.

You can buy a home with Nehemiah, but you have to your loan closed before October 1st.

Lisalrenee · 07-30-2008, 08:47 AM

well, rural is dependent upon definition -- I qualified for a USDA loan, and the home is an area I would not call rural. Parts of Raleigh, NC qualify for the USDA loan.

rcarrillo · 07-30-2008, 01:24 PM

Rural is very broad, many "sub-urban" areas qualify for USDA. Ask a broker or banker about the possiblity, they can give you a map of your local area. USDA also has maximum income limits you need to check into.

There is also VA financing for 100%, but you have to be a verteran or the spouse of one. FHA with down-payment assistance is an option. Seller-funded DPA programs are set to end on 10/1/08 but there are also city and county funded ones under special circumstances.

For any "conventional" mortgage 3% down is usually the minimum, however in many cases 5% is required. Lenders want to know that a buyer has some investment in the transaction. 100% financing is not only risky because there is no equity to cover the potential losses, but because it makes it too easy for a borrower to just walk away.

phantoms · 07-30-2008, 05:33 PM

Why not rent your house out and rent one for you in Fl. until you can actually sell your house?

pghquest · 07-30-2008, 09:20 PM

Quote:

Originally Posted by renriq02

USDA is for rural areas.

You can buy a home with Nehemiah, but you have to your loan closed before October 1st.

Thats only if the law passes (which it probably will)

renriq02 · 07-30-2008, 09:33 PM

It already has....goes into effect October 1st

Quote:

Originally Posted by pghquest

Thats only if the law passes (which it probably will)

rcarrillo · 07-30-2008, 09:40 PM

Quote:

Originally Posted by pghquest

Thats only if the law passes (which it probably will)

The law not only passed Congress, the President signed it today.

SoFLGal · 08-01-2008, 06:48 AM

Most areas in North Port, FL qualify for the USDA loan which you can get 100% financing. There are some income requirements though, as previously stated.