100 Financing

Jefferey · by **Jefferey** » 05 Jun 2009, 12:53

100% financing?

On a $460,000 loan can I still get 100% financing still?

Kacy · by **Kacy** » 05 Jun 2009, 12:53

It really depends on your amount of income, but more importantly, your credit score. Home loans with a 640 credit score often require 10% down.

The total amount of the loan is okay, if your debt to income ratio is good enough to support it.

You would really need a credit score of 700 or better to ensure 100% financing, and get a decent interest rate at the same time.

Banks are tightening lending requirements, due to the recent boom in foreclosures. Home sales are at a low, and new homes constructed have dipped to a low, so all of these examples combined mean you need a better credit score to get your 100% financing.

Jefferey · by **Jefferey** » 05 Jun 2009, 12:53

I am attempting to refinance my condo using 100% financing which I know IS available. What is the bottom score

I am looking for a conforming fixed 100% loan on my condo but due to the volitile market these days I have no idea what the bottom score has been driven too. Does anyone know?

Tawna · by **Tawna** » 05 Jun 2009, 12:53

Marcia, 100% LTV refis are very rare these days. Too risky. A few portfolio lenders offer them, but you better be gold-plated. And I think the condo might kick you out of them. FHA can get you close, like to 97%. Why do need 100% refinance? What state are you in and how much $$$ do you need?

Betsy · by **Betsy** » 05 Jun 2009, 12:53

Is there a way to get 100% financing to buy a house with lousy credit?

My hsband and I have very good incomes. We made a mistake of consolidating and the company paid our bills late.

Akilah · by **Akilah** » 05 Jun 2009, 12:53

With FHA you need 2.25% with no credit lates in the last 12months.

MyCommunity/homepossible is zero down but you need a 620 to avoid HIGH pmi payments

Maia · by **Maia** » 05 Jun 2009, 12:53

How high would your credit score have to be to get a home loan 100% financing? exactly?

What exactly is a FHA home loan?

Dorinda · by **Dorinda** » 05 Jun 2009, 12:53

You can still use Nehemiah. Thats where a non profit (ie seller) gifts Nehemiah 3 % down they give it to you, you give it back. That loophole will change soon but its in court right now.

I just did a loan with FHA and the credit score was 580, they had 3 months reserves in the bank. I had to run it 10 different ways until it was approved.

Its not an exact science.

To answer your question FHA doesnt lend money the are an insurance company. They pay the lenders for loss. They are the same as State Farm that insures a car. State Farm might say we wont take any drivers that had a DUI. WE refuse to insure them. FHA is the same they tell the lenders if you follow our guidelines we will insure you agaisnt loss. So Well Fargo, Washington Mutual ect do FHA loans. FHA secures them if you default.

But FHA is the easiest way to get approved.

Zula · by **Zula** » 05 Jun 2009, 12:53

Does anyone know how to get 100% financing to start a business?

I would like to open a franchise but I have no money down and not really any assets. I am looking for someone who finances 100% to startup a business.

Shaunte · by **Shaunte** » 05 Jun 2009, 12:53

Good luck that is going to be hard to find. however there are a ton of government grants out there that can help you. Many of which are big enough to get you up and going. go to www.GovBenefits.gov it will help you do a search for grants that you may qualify for

100 Financing

100% Financing?

I am attempting to refinance my condo using 100% financing..

Is there a way to get 100% financing to buy a house with...

How high would your credit score have to be to get a home...

Does anyone know how to get 100% financing to start a...

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