Jun
23
I have excellent credit, no money down due to medical emergency. Can I get 100% financing to purchase forclose
By
Time to buy asked:
Who provides fair 100% financing for first time home buyers?
Who provides fair 100% financing for first time home buyers?
3 Comments
June 25th, 2009 at 8:07 am
It depends on where you live.
Excellent credit will definitely help. Speak with a banker or a mortgage broker.
If you can’t get 100% financing, then nobody can.
Also, it might be easier to get 100% financing if the seller is financing the property.
Good luck.
June 26th, 2009 at 1:58 pm
It might work if the value of the home is more than the debt owed on it and you can buy it for the amount of the debt. The lender might consider the value above the debt as down payment. The lender would also consider your income and ability to make monthly payments and your reason for buying the house. For example if you already own your residence and are buying the house as speculation, the lender may balk because you have no money for fixing it, you may have a mortgage on your residence, and selling the house at a profit may be difficult. It is unusual for foreclosures to be financed at 100 percent, but good luck..
June 28th, 2009 at 7:46 am
There is strong possibility that the value of foreclosure property may go down this year due to serious sub-prime mortgage crisis. The best bet would be to have atleast 5% down so that the bank/financial institution will feel more confident and will offer better mortgage rate.