Posted on: 05th May, 2008 04:37 pm
looking for lender for my home buyer with good credit. Not a first time home buyer. Was prev approved for a 80/20, a program that was disontonued. Do you have an equivalent program?
William Moskowitz
Nan Miller
609-882-2747
609-9770-9996
William Moskowitz
Nan Miller
609-882-2747
609-9770-9996
Hi Nanlesmil,
Welcome to forums.
Ever since the credit crisis in the US market, 100% financing is almost unavailable now. The buyer can at the most look out for 97% financing with an FHA loan. He has good credit, so hopefully if other factors are ok, then he'll be able to qualify. But you're saying that the program was discontinued. So did the buyer stop payments? Or was any step taken by the lender to stop providing the funds?
Thanks
Welcome to forums.
Ever since the credit crisis in the US market, 100% financing is almost unavailable now. The buyer can at the most look out for 97% financing with an FHA loan. He has good credit, so hopefully if other factors are ok, then he'll be able to qualify. But you're saying that the program was discontinued. So did the buyer stop payments? Or was any step taken by the lender to stop providing the funds?
Thanks
Hi William,
Welcome to the forum.
James has rightly said that you can do 97% percent financing with FHA. Can you give us some information on your credit and employment history so that we can give you better answers?
BTW you can get No-obligation free consultation from the rated mortgage professionals of this community to know if you can get 100 financing or not.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
James has rightly said that you can do 97% percent financing with FHA. Can you give us some information on your credit and employment history so that we can give you better answers?
BTW you can get No-obligation free consultation from the rated mortgage professionals of this community to know if you can get 100 financing or not.
Feel free to ask if you have any further questions.
Best of luck,
Larry
william & nan, if you are located in a state with a bond program, you may very well be able to obtain 100% financing. you would have to meet specific income limitations, but that is typically a viable option, even in 2008.
as noted above, 97% is the threshold for fha, and that is pretty much the product of choice for borrowers who lack funds.
as noted above, 97% is the threshold for fha, and that is pretty much the product of choice for borrowers who lack funds.
Hey William & Nan,
You can get to 100% with FHA when you combine it with a third party gift program, as long as the price on the homeis within FHA guidelines. I have closed 3 deals like this in the past 2 months and in all cases the borrower got their earnest money back at closing. A really sweet deal, but you have to structure the deal properly to achieve this.
Kim
You can get to 100% with FHA when you combine it with a third party gift program, as long as the price on the homeis within FHA guidelines. I have closed 3 deals like this in the past 2 months and in all cases the borrower got their earnest money back at closing. A really sweet deal, but you have to structure the deal properly to achieve this.
Kim
Oops, forgot to sign in again...that was me above.
kim, you're right...if the seller is willing and the value is there.