Zillow Advice: Mortgage - 100% financing going bye-bye?

As stated, 80/20 are just ...

Fri, 07 Mar 2008 03:21:00 GMT

As stated, 80/20 are just about done. It is a very bad loan. Find a way to get a FHA loan (became easier today with the rise in limits) and get it done that way. Stay away from 80/20

Tony Grego - Indiana Mortgage Broker

Tekmoe, are you aware that ...

Mon, 03 Mar 2008 03:33:00 GMT

Tekmoe, are you aware that FHA requires a 3% down payment? It can be funded by the seller through a non-profit, known as a DPA (Down Payment Assistance) Program, but all FHA loans have a statutory requirement of 3% into the transaction. FHA loans also include mortgage insurance and an upfront MI fee as well. Make sure you get FHA specific disclosures from your broker.

If FHA is ok with you then ...

Mon, 03 Mar 2008 01:30:00 GMT

If FHA is ok with you then I say your broker is correct for the time being regarding rate...that may change tomorrow though....

Elender, I'm in the process ...

Sat, 01 Mar 2008 14:22:00 GMT

Elender, I'm in the process of closing on a house. I have a mortgage broker. He is telling me we will need to go the FHA route which I do not have a problem with. However, he has been holding off because he keeps saying the rates have been improving. I still cannot confirm if this is true or not; I don't know where he is getting his data from.

The house I am purchasing will cost 107K. The seller has agreed to pay 4K in closing costs. The house is located in Dallas, Texas in Denton County. Annual household income is 42K.

Elender is correct, 100 financing ...

Fri, 29 Feb 2008 23:53:00 GMT

Elender is correct, 100 financing is still available right now under the right conditions.

FHA doesn't require reserves ...

Fri, 29 Feb 2008 13:57:00 GMT

FHA doesn't require reserves and neither does VA. Neither does Rural Housing. There are plenty of loans still out there with high level LTV that get done. There are plenty of those loans that close. All three of them don't have to deal with soft market issues either.

Quite a few investors ...

Thu, 28 Feb 2008 20:54:00 GMT

Quite a few investors offer "100%" financing - Until they slash the appraisal after review by 5 to 10%...

Buyer beware - DO NOT waive your appraisal or loan contigencies too soon...............

And do not forget about the #1 requirement of 100% financing - Unless you use FHA/VA - You will need to prove you have enough cash reserves.

With the FHA/VA exceptions - 100% financing is NOT an option for clients with zero dollars in the bank. And it shouldn't be...

Thanx, D

Funny you say that, my mortgage ...

Thu, 28 Feb 2008 20:48:00 GMT

Funny you say that, my mortgage was sold to US Bank

US Bank will still do 100% ...

Thu, 28 Feb 2008 20:39:00 GMT

US Bank will still do 100% in a declining market....

I search Florida and know ...

Wed, 27 Feb 2008 20:00:00 GMT

I search Florida and know some of what is available in other states, our guides have listings of all approved down payment assistance programs for pretty much every state as well. I sometimes don't have time to look them up but the rest of the guys here are pretty capable as well...