Posted on: 29th Jun, 2009 10:12 pm
is there any way you can get 100% financing?
hi jmc,
it is very difficult to get 100% financing these days. borrowers often used piggyback loans where they could finance 80% of the purchase price with a first mortgage and the rest of the 20% could be financed using a second mortgage, a line of credit loan etc. but this type of piggyback financing options are no more available in the market. so, unless you have some money to put in as down payment, it will be very difficult for you finance the purchase of the house.
it is very difficult to get 100% financing these days. borrowers often used piggyback loans where they could finance 80% of the purchase price with a first mortgage and the rest of the 20% could be financed using a second mortgage, a line of credit loan etc. but this type of piggyback financing options are no more available in the market. so, unless you have some money to put in as down payment, it will be very difficult for you finance the purchase of the house.
supposedly, yes, but the instances would indeed be rare and at the same time, quite expensive in comparison to most loan plans.
yes. plan for 80% & then you can go for second mortgage for balance 20%.