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I dont know any lenders right now going to 100% and even if there were none of the MI companies will provide coverage.
Lender rating
Since January 2009
Thornburg mortgage...pledged asset account
VA other than that I don't know of any.
What area are you looking for a home?
I am looking in South East Wisconsin - Milwaukee, Kenosha, Racine
In my neck of the woods (CA) we have CalPERS with the newly released conventional access 2nd which is a 95% first today at 5.875% (60-day lock) and a 20 yr 2nd at 8% which is sold to Citimortgage. For state and city employees only. FTHB or not. Income limits to $99,400 family of 4.
We have CalHFA: 95% 35 yr fixed IO at 7% today + silent second for 3% and silent 3rd for 7%. the combined package with IO is less than FHA in terms of the payment and the MI can be bought down to as low as .12% or LPMI.
We have National Homebuyer Fund: 6.75% 95% first + 8% second to 95%. First time or non first time homeowner.
Then of course . . . First House, VA, FHA, and CalPERS (with the 5% down collateralized against PERS pension), and a 95% fannie mae with 5% true gift fund from relative.
All of these are 100% financing in Fannie Mae declining markets. Most out here are just telling the realtors there is no 100% financing and of course I am gaining market share.
Of course if you are not in a declining county (there are about 10 or so in CA), we can always do the Fannie 100, Flex 100%.
Mike
You can put any address into this system to see if you might be eligible for Rural Housing. There are some income limits as well....if you are interested shoot me an email and I can send you the income limits....they are just in the process of changing them again for the better....USDA Rural Housing Property Eligibiity
Lender rating
Since November 2009
You can do an 80% 1st and 20% 2nd, hence, 100% financing, no MI. There are still lenders who do 2nds up to a 100% CLTV. If you are in Colorado, let me know and I would be happy to price it out for you as such.
Lender rating
Since August 2009
TS are you willing to share the names of the lenders still doing the 100%CLTV seconds?
Lender rating
Since January 2009
I'd be curious to know as well. I thought that no one was going to 100% CLTV anymore.
Also, Tammy, I LOVE your review. Did you ask your client to give you a review? Or did they take it upon themselves to do so? I feel icky asking people to review me.
;)
Lender rating
Since September 2009
Hello!
The only way that I know to do 100% financing is through DPA's. (down payment assistance programs) Basically this is only offerred with FHA. The seller must agree to pay 3% out of his profit to pay for the DPA. The seller can also be asked by the buyer to pay up to an additional 6% in seller contributions to help pay for the buyers closing costs. I have done many of these loans, and it was rumored at one point that DPA's were going to not be allowed on FHA. However, no law was ever passed. www.AmeriDream.org - this is the DPA that I am using on two of my purchase deals currently. This is a gift down payment from the seller, and the buyer will NEVER have to pay it back to the seller. Only a few days away from signing and both borrowers received the 3% DPA from the seller and the additional 6%, so the only out of pocket expense they both had was to pay for an appraisal. Home insepctions on FHA purchases are NOT required. If you chose to get one it is optional, and at the buyers expense.
I personally do not know anywhere that is doing 100% conventional purchases.
Thanks!
Lindsey
Mtp-Did you check if any of the properties you were looking at were eligible for Rural Housing?
Lender rating
Since January 2009
The small local banks out here still do 100%. Problem is the 1st allowing it.
Lindsey, how do you become a Senior loan Consultant ??
Nic,
Did you get the email I sent you?
Lender rating
Since January 2009
Ya thanks dude, meant to reply but got to doing something else and forgot.
Just wanted to make sure.
Lender rating
Since January 2009
Just closed a 5/1 F&E with you guys yesterday.....Real smooth transaction, seems like you guys are still doing alright. Any word on the transition w/ BofA ?
Here's how Countryslide is doing: http://www.bloomberg.com/apps/news?pid=20601103&sid=aXNMMNWfaz8I&refer=news
I'd place a put option on C-slide anyway, bet a 60% chance BofA doesn't actually go through with the purchase.
If you are qualified, you can go VA at 100%. FHA is at 97% (+/-), and you need at least 5% down on most conventional programs now because PMI companies won't underwrite 100% financings at the moment.
There are a couple of alternatives. One is to use a gift program such as Nehemiah or AmeriDream. How it works is the sellers offer a seller-assist of up to 6% (for Nehemiah) or 10% (for AmeriDream) that can be used by the borrower as a gift-of-funds that can be used for the down payment and closing costs. The sellers contribute the seller assist funds to the program (along with a small fee). The program then provides that money to the borrower. They work well with FHA at 97% - the gift-of-funds can cover that 3% down payment, with the remaining used towards closing costs.
The only only other alternative is USDA Rural Development loans which finance up to 102%. The approval guidelines are similar to FHA guidelines. The only difference is the address of the property you are financing must be in a location that can go USDA. Basically, most locations in the US qualify - it's homes in the large urban areas that don't qualify for this program.
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100% Mortgage
mtpUnni
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Are there lenders who gives 100% mortgage. It seems to me that lenders are sceptical about 100% even with an excellent credit score.
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