I keep hearing (tv, radio and published media) about the demise of no down payment home loan financing.
Well, from where I sit (Houston, TX) , there are still plenty of no down payment options. The most useful one that I have embraced just recently is doing governent loans (FHA and VA). As a former subprime and Alt-A officianado, it has been awesome to discover the options of "govvies".
For those unfamiliar with FHA loans, you can get 97% financing and a charitable organization can contribute the difference of 3% to achieve 100%; plus the seller can pay 3% (of the sales price) towards your closing costs.
And, VA loans can go to 100%, too.
This is in addtion to the standard 100% My Community, Home Possible and Flex-100 programs out there.
And 95% refinances are still available for those wanting to get out of their ARM's and into FIXED Rate Mortgages.
So, hang in there!
Questions? Feel free to email me at: mortgageoffice@gmail.com
- Al
p.s. I do home loans in 49 states (sorry, SD)
Comments(4)