No money for a down payment? Low on cash for closing costs? 100% financing may be the way to go! There are many different kinds of 100% financing, your Lender can help you decide which one meets your needs. Most Sellers, in this market, with the right offer, will agree to pay your Closing Costs, Impounds and Prepaids. The result – No money out of your pocket!
Buying a home with 100% has many benefits. It will let you get in to a home sooner that if you had to save the down payment. You can hold on to your cash, instead of putting it all into your home. Also, by financing the whole purchase price, you may be able to take advantage of the higher interest write off.
There are also some drawbacks to 100% financing. Because the Lenders consider these higher risk loans, you interest rates may be higher. You are probably purchasing the home at market value, so if the home does not appreciate, you could end up owing more than the home is worth. In addition, without any equity, if something happens and you need to sell your home quickly, you might have to come up with funds to close.
It is always a good idea to discuss this with your Accountant or Financial Advisor. They can evaluate your personal situation and help you determine if this program will work for you.
To see if you qualify for 100% financing, you need to talk to a Lender. Many factors are considered when approving you. Credit Score, Income, Debts & Use are just a few. Below is a link to my L & G Mortgagebanc website. I am a Certified Realty & Mortgage Counselor. I can work with you, your financial advisor and our Underwriter to help determine which program will best suit your financing needs.
At the main login screen, type in Debbie Parkans for your Realty and Mortgage Counselor and feel free to use all of the tools. There are mortgage calculators to pre-qualify you and determine what your payment might be. Or, you can contact me and I can work with you. You can even make your loan application online. Be sure to check out our 4 Way Warranty Program – it will save you money. You can be fully approved in a couple of days. Once we determine the best loan for your needs, we can start looking for your new home!
Click Here to go to L & G Mortgagebanc |