Contrary to popular belief 100% financing is still alive and well. I had a closing yesterday on one of my listings in Dundee Fl. It wasn't easy and it took 71 days to get ‘er done but we did. This was one of my listings and I was also able to help the buyers. Very nice folks on both sides of the transaction. It was a deal where the Buyer walked away from the closing with keys to their new house and a check for $500!
Yep.....that's right. They bought a house and got a check. So 100% financing is certainly alive and well. This was a very difficult deal due to the fact that the Buyer had no credit score, no credit cards, no car payment and her utilities were included in her rent so she didn't even have utility payments in order to build credit. In fact, the only "credit" line the mortgage broker was able to use was a judgment that the buyer had been paying on for the last couple of years.
However, the Buyer does have a good paying job and had no debt. So thank goodness for FHA and Ameridream. The Seller was able to gift the down payment of 3% through Ameridream and was also able to contribute 6% towards closing costs. All parties involved were very patient and did every thing they could to get this transaction closed. It really makes things easier when we are all on the same page and working towards a common goal.
I don't normally work with Buyers but must say it sure was helpful to be in the loop on the Buyer side. I'm not sure I would have been as patient in waiting 71 days to get this closed if I didn't know exactly what was going on, on both sides. All things considered, it was a very smooth transaction.
Now folks, as you know, I am always trying to help you guys in your businesses and I love sharing what I know. There's a reason why I'm successful and it's not as complicated as you might think. Anyway, I made this little video that will give you Broker Bryant's secret to success. Take notes and apply it to your business and your struggles will be over. Until next time......
All content copyright © 2007 - Broker Bryant Real Estate Ramblings