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I'm a first time homebuyer with excellent credit looking for 100% financing loan.

Does anyone have any advice and opinions if the following might be the best available?

2-Year ARM - 4.75% Initial Rate for 30-year terms ( 4.77 % APR)
or 5-Year ARM - 5.75% Initial Rate for 30-year terms ( 5.11 % APR)

  • No origination fee
  • Private mortgage insurance not required
  • Available for terms up to 30 years
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May 13 2010 - Charlotte
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Answers (18)

There are several options depending on several limiting factors.  They include VA  ( must be a veteran ); USDA ( tied to the address of the home, if the home is in the USDA approved area then there is USDA 100% financing on this home) ; SECU ( State Employees Credit Union and other Credit Unions offer 100% financing.  There may be a higher interest rate but may be worth it for you to get the 100%. Also, you must be a member to qualify. This may simply require a $25.00 account with the lending institution).  To find out about these and more, please contact me so I can direct you to a Lender who can further answer your questions.  

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August 03 2012
 I would like to send you a link to my favorite lender Angel angell@hometeam-lending.com  she is very good!

Let me know if I can help you any further.  Nancy Sell
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July 16 2012
Click my pic if you have any specific questions.
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June 15 2010

Hi mib1434,
There are a few 100% financing programs and options available.
The USDA program does not have mortgage insurance and also has additional benefits.
The 30 year fixed rate for USDA is currently 5.0% with 0 points, and 4.75% with 1% origination.
I would be happy to discuss all financing options, programs and answer any additional questions.  [contact info removed by moderator]
Thank you.

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June 06 2010

Wow, you must have espn since you already know the address qualifies for a USDA loan and that mib does not make too much money.

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May 17 2010

Three words: Guaranteed Rural Housing. CHeck it out on usda.gov.

-Real Social

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May 17 2010
You can get a fixed rate for what they are quotiing you for an ARM

@Rosemarie, so your friend at Fairway will give them a 100% loan and no MI on a fixed rate?
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May 17 2010
If you are going to use an ARM, lenders are now qualifying on the end rate, so make sure the rate will lock in at a favorable one for the remainder of the 30 year term. I never suggest using an ARM, especially in today's market. A fixed rate may be a little more difficult to afford, but it will benefit you in the long run. You can get a fixed rate for what they are quotiing you for an ARM. Call Lael Laster at Fairway Independent Mortgage at 704-506-9548, she will give you all the details.
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May 17 2010
If you are buying for the first time and might consider staying for a while in this new home, I suggest you go with a fixed interest rate 30 year or 15 year since the economy is not strong right now and interest might go up in the future. I would play safer and go for the best  fixed rate long term you can get.
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May 14 2010
Not the best for excellent credit.

I've seen as low as 2.99% on ARMs. And fixed rates under 3.875%. With as little as 3 percent down.

And there are down payment assistance programs in NC for First Time Homebuyers at ZERO PERCENT INTEREST for the down payment!!! From the North Carolina Housing Finance Agency.

And some Credit Unions are offering 100-percent financing up to $650k. A client recently got a FIXED 30 Year at 5.125 with NO PMI, No orig., etc.
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May 14 2010
VA offers 100% financing.  Some states and or municipalities offer second mortgages that can be piggy backed on fha loans to get you to or close to 100% financing.  I would seek out a local realtor or lender in your area to see if they know of programs offered in your area.  Best wishes on your search.
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May 13 2010

Depending on where you are buying, So long as you have over a 620 credit score, income less than $73,600 with 4 person family * Higher bar with over 4* my guy can get you into this property paying for the appraisal and a year's worth of homeowner's insurance. Thats it. 30 year fixed only however, let me know and I will get you in contact.
-Real Social

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May 13 2010
From a payment standpoint, your payment would be equal to a conventional 5/1 Arm @ 4.5% with MI. Their 5/1 only adjusts once every 5 years with a cap of 1.5% so over 10 years the worst case would be 1 adjustment up to 7.25%  for years 6-10 with a payment of $1137, $87 higher. Since it is 100% and worst case rate over 10 years of 6.5% and no MI, it looks good to me.   
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May 13 2010
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yes.
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May 13 2010
So is this offer from State Employees Credit Union?
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May 13 2010
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The loan amount is $180,000.  The rate may increase at a max of 1% at a time.  Not paying discount points.  But there is no PMI.

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May 13 2010
IMHO, throw the 2 year arm in the trash. The APR on the 5 Year Arm is extremely high, if there is no origination fee why is the APR off the charts? Paying 4 discount points? Do you know what the caps and margin are? What is the loan size? 
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May 13 2010

Are these VA loans you are looking at??

I don't know of any other programs outside of VA that offer 100% financing.   If you are VA eligible, post a request in the mortgage section and you can compare quotes for different VA products.

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May 13 2010
 
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