Posted on: 16th Jan, 2014 01:13 am
I need to know if I could find a loan through which I will be able to borrow 100% on a loan and do not have to pay any down payment.
Hi Fav,
100% borrowing might be difficult for you to get. Most lenders will require you to provide them with 10-20% down payment.
Take care
100% borrowing might be difficult for you to get. Most lenders will require you to provide them with 10-20% down payment.
Take care
There are two Govt products still available with 100% financing - the first is VA only qualified Vets are eligible for this - and USDA which is a rural area loan and also has limitations - there are household income limits which cannot be exceeded if trying to use this program.
The next closest to no down is FHA which is 3.5% andd lastly Conventional which has a minimum down payment of 5%
Brian Barnes
ENG Lending
Nationwide Lender
The next closest to no down is FHA which is 3.5% andd lastly Conventional which has a minimum down payment of 5%
Brian Barnes
ENG Lending
Nationwide Lender
No, there is no such loan where you can borrow 100% without making any down payment. This is because no lender will agree to provide you such a loan. Under any circumstances, you will have to make the 20% down payment for a conventional loan.
No, there is no such loan where you can borrow 100% without making any down payment. This is because no lender will agree to provide you such a loan. Under any circumstances, you will have to make the 20% down payment for a conventional loan.