Finding Your Downpayment - Tip #8: Consider 100% Financing

Finding Your Downpayment

The first thing you'll need to do when buying your first home is come up with your downpayment. Your downpayment can be anything from 0% up to as much as 50%. There are lots of ways to come up with your downpayment when buying your first home. Here is Tip #8 for Finding Your Downpayment!

Finding Your Downpayment - Tip #8: Consider 100% Financing

If you think there is absolutely no way you can come up with a downpayment, then perhaps you should consider 100% financing when you buy your first home. There was a time when anyone, anywhere could get 100% financing for any reason. Although those days are long gone, you can still get qualified for 100% financing. With this option, you can either apply for a loan covering the entire purchase price of the house OR you apply for a 97% loan, like those available through the FHA and get seller financing for the rest.

With either of these options, as with all of the suggestions we've provided in this series on finding your downpayment, your best course of action is to start by meeting with a qualified mortgage lender. They will be able to assess your current financial situation and help you find the perfect option for you. So let us know when you're ready for recommendations on mortgage lenders.

For more ways to save money when you’re ready to buy, e-mail us or click here to visit our website!

Emcee Arah
RE/MAX Excellence Realtor with Architectural Dimension
Serving all your Real Estate needs in MD, VA & Wash., DC