bankruptcy: 102% Financing may be available in your area! This is real...
- 05/21/08 11:49 PM
Many people across the country have seen the finance industry starting to pull back on financing in their area. Subprime is pretty much gone along with Alt-A financing. Fannie Mae (FNMA) and Freddie Mac (FHLMMC) are still out there with My Community and Flex 100 which offer 100% financing. The only problem is that those programs require MI (mortgage insurance) and if you are in a declining market you will have a 5% LTV (loan to value) cut. This means 95% is now the highest financing FNMA/FHLMC offer. This is the reason FHA is on the rise. It finances 97.5% and (4 comments)