100% Financing (and then some) From A Local Lender
Scott P. Rogers
A few weeks ago I was lamenting the fact that 100% finance seemed to be sailing out to sea --- never to be available again for first-time buyers (or otherwise).
However, just this past week, Debbie Huntley at SunTrust Mortgage informed me of quite a few 100% (plus) financing programs that are indeed still available . . .
Lender Paid Mortgage Insurance --- 100% Financing
VHDA/FHA/PLUS --- 102.75% Financing
80/15/5 COMBO Loan
So, fear not --- even if you don't have a down payment (or even closing costs), if you have good credit and steady income, you are likely to be able to obtain 100% financing after all!
However, just this past week, Debbie Huntley at SunTrust Mortgage informed me of quite a few 100% (plus) financing programs that are indeed still available . . .
Lender Paid Mortgage Insurance --- 100% Financing
- Avoids monthly expense of Mortgage Insurance
- Lower monthly payments
VHDA/FHA/PLUS --- 102.75% Financing
- Finance 100% of Sales Price plus portion of closing costs
- Lower Credit Scores Allowed
- Second Mortgage rate same as first
80/15/5 COMBO Loan
- Avoid paying Private Mortgage Insurance
- Lower Monthly Payments
- 30 Year Fixed rates and ARMS available on second mortgage
So, fear not --- even if you don't have a down payment (or even closing costs), if you have good credit and steady income, you are likely to be able to obtain 100% financing after all!
