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Is it possible to get a mortgage with good credit, but no money down?

  • November 30 2012 - Saint Petersburg
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Answers (2)

Suncoast Federal Credit Union also offers a type of mortgage that allows a 100% Loan-to-Value ratio, meaning you can borrow 100% of the cost of the home. You are however required to pay closing costs, which can amount to $3k, $4k, $5k+

There are some other requirements too which you can read about at http://www.suncoastfcu.org/Default.aspx?tabid=110.

But if you want to buy a $200k home, this is still less money up front than 3.5% down (the minimum allowed) on an FHA mortgage. $200,000 x 3.5% = $7000, plus some or all of the closing costs.

Hope this helps! Let me know if you'd like any assistance with homes in the St Petersburg area.
  • November 30 2012
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The short answer, yes it is possible but the options are few.  If you are a Veteran then VA offers 100% financing.  The other option is USDA financing, but there a limitations on family income and the property location. Make an appointment with a local loan officer and sit down to explore the options in your area.
  • November 30 2012
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