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First Time Home Buyer - Hoping for 100% Financing

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Anonymous
Not applicable

First Time Home Buyer - Hoping for 100% Financing

Hello all - I'm a first time home buyer and need some advice/thoughts.  (Well, I say home buyer but what I'm really interested in purchasing is a condominium or a small townhome.)  Here's my info:

 

TransUnion Score - 663

Equifax Score - 678

 

I do not have enough money for a down payment so I'm hoping for 100% financing.  Anyone have any insight as to whether this might be possible?  I'm also clueless as to how to get the process started.  I contacted my credit union about a mortgage loan but they don't do 100% financing.  I'm assuming I need to get approved for the loan first before contacting a real estate agent, right?  What's the best way to go about finding a good agent? 

 

I know I have a lot of questions!  Any help is appreciated Smiley Happy

 

Thank you in advance.

Message Edited by TWJ74 on 02-09-2010 02:38 PM
Message 1 of 6
5 REPLIES 5
XAVIERSMAMA
Regular Contributor

Re: First Time Home Buyer - Hoping for 100% Financing

I may be wrong, but I think the only 100% finance options available right now are VA if you're a veteran and USDA if you and the property you want to buy qualify.  Otherwise you will need to check with your local housing authority to see if they offer some type of down payment assistance to help you.  You may have to be under a certain income level to qualify and they usually require you to take some sort of class(es) before giving you the assistance.
Message 2 of 6
Anonymous
Not applicable

Re: First Time Home Buyer - Hoping for 100% Financing

100% financing is pretty rare.  IF you can get USDA then chec it out, but it is very limiting as USDA is only available in primarily rural areas.

 

Also, remmeber that you will need closing cost money.  Sellers in most markets are not near as willing to help with closing costs as they once were becuase appraisal rules have tightened up a bit making it tougher to get an approval with clsoing costs rolled into the loan or paid by seller.  So even with FHA it is common to need 8-10% for down payment and closing costs.

Message 3 of 6
Anonymous
Not applicable

Re: First Time Home Buyer - Hoping for 100% Financing

Okay - that's kind of what I was thinking.  Thank you for your input!
Message 4 of 6
Anonymous
Not applicable

Re: First Time Home Buyer - Hoping for 100% Financing

Also ask your realtor.  They may know of different mortgage brokers with different options for financing.
Message 5 of 6
soliloquy
Regular Contributor

Re: First Time Home Buyer - Hoping for 100% Financing

There's always NACA, no money down, no closing costs. They do want you to have approx $3,000.00 in reserve.

 

I know of 4 people that have purchased homes through them. It is not an easy or particularly fast process (depending on your credit situation) but it is a good program and the interest rate is 4.625 right now.

Here's a thread discussing it.
Message Edited by soliloquy on 02-09-2010 03:13 PM
Message 6 of 6
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