Keithr_762_686 - As Stephen mentioned, there aren't any 100% financing programs, except for USDA (rural housing) and VA loans. All 100% financing programs (including a first and second mortgage combo) are no longer available. The closest thing we have today, outside of the USDA and VA loan programs, are called HUD Homes. These homes are owned by HUD due to a foreclosure. "Some" of the homes will qualify for $100 down payment, but you'd still have to pay for some/all of closing costs.Again, not all HUD homes allow the $100 down payment option. A local real estate agent could probably help you locate a few, if you are interested. Another thing to note about the HUD home is that it will require FHA financing, so it would have to be your primary residence.** you made a comment about FHA in your question above... just to clarify, when using FHA financing, it does not have to be your FIRST home, but it does need to be your primary residence. **Apr 24th 2012
In Florida, unless you can go VA there is a pretty slim chance of beiong able to get into a home for less than 3.5%. THEN you will have to get the seller to pay ALL of your prepaids and closing costs in order to ONLY come up with the 3.5%. The HUD homes mentioned above me are a joke. Most look like a crack-house as far as condition they are in, and require cash buyers because of the repairs needed to them. Good luck to you.Apr 24th 2012
Ok.. so I'm curious why you feel you don't qualify for FHA... in most scenarios you cannot have more than 1 FHA mortgage at a time, however if you don't have an FHA loan now, you can get one... FHA is 3.5% down, USDA is zero down, VA is zero down, HomePath homes are 3% down, and HUD homes are $100 down in certain areas... There also might be some local down payment assistance programs available in your area.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.comApr 24th 2012
It sounds like you are thinking that because you already had an FHA loan, you can't get another one. The rule is that you cannot have more than one FHA loan at a time. If you are a veteran with VA loan eligibility, than VA offers a 100% Loan. If you are looking to purchase in a USDA designated rural area, then USDA offers a 100% down loan. Other than that, you are looking at 3% or more for a down payment. Work with a local Mortgage Banker/Broker to identify what you qualify for. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.comApr 24th 2012
Keith. Good Day. Florida Housing does have down payment assistance available for qualified First Time Homebuyers. You must not have owned a home in the past 3 years or shown ownership interest for the past 3 years on your tax returns. How many years is " several " since you have owned your last property ?Apr 30th 2012
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