edmond real estate: Edmond, OK Lenders Still Offering 100% Financing
- 02/08/08 10:12 AM
Even with the recent downturn in the housing market, some lenders are still offering 100% financing. Borrowers must have excellent credit, and be prepared for a lengthy, thorough approval process. Borrowers will have to pay PMI, or private mortgage insurance. On a $100,000 loan, PMI could be about $80 a month. Another possible negative is that in the current housing market and overall economy, those borrowing at 100% could find themselves owing more on their home than what its worth should they run into hard times early in the life of the loan. But now is still a great time to buy a home, … (2 comments)
Even with the recent downturn in the housing market, some lenders are still offering 100% financing. Borrowers must have excellent credit, and be prepared for a lengthy, thorough approval process. Borrowers will have to pay PMI, or private mortgage insurance. On a $100,000 loan, PMI could be about $80 a month. Another possible negative is that in the current housing market and overall economy, those borrowing at 100% could find themselves owing more on their home than what its worth should they run into hard times early in the life of the loan.;)
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