are the advantages of 100% financing?
A. There are numerous advantages to 100% financing. Recently, homes have been
increasing in purchase price, as high as 10% or more. Purchasing a home now can save you
quite a bit, and 100% financing can do this for you. By buying now, you can begin building
equity and increase your financial net worth.
Q. Is 100% financing only for people with good credit?
A. Not at all. In fact, all credit scores above 560 are eligible for 100%
financing. The interest rates in a 100% financing program are based on your credit score,
so better credit scores will receive optimal rates. This should not discourage those
with bad credit scores from applying though.
Q. Is 100% financing only for first time home buyers?
A. No. 100% financing is available to both first time and experienced home buyers.
Q. Do I have to state my income for a 100% financing program?
A. Not necessarily, both full documentation and stated assets and income are
possibilities for 100% financing.
Q. Is 100% financing available for both fixed rates and A.R.M.
A. Yes. 100% financing has numer ous interest rate options.
Q. What is the interest rate for 100% financing?
A. An interest rate can be quoted upon receival of an application and credit report.
Because 100% financing is a program based on credit, an interest rate can only be quoted
after your credit is analyzed. Upon analysis, you will be offered the best interest rate
in the industry to you.
Q. Is 100% financing limited to purchases?
A. No, you can do either a purchase or a refinance with this program.
Q. Is there a maximum loan amount for 100% financing?
A. Generally, the maximum loan amount is $400,000, although there can be exceptions.
Q. What about mortgage insurance?
A. There are many programs, such as 80/20, in which you do not have to purchase
mortgage insurance if you choose.
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