OK, so in a short snip, FH and I are putting money away for the wedding, we are paying for the whole thing. We are currently renting a 2 bedroom, we have a 7 y/o daughter. We were figuring on taking whatever money we got from the wedding and using as a down payment on a house, wheter it be 5% or whichever. I called a mortgage broker to see what we could do over the next yr to be prepared for a mortgage approval and actually found out that we could be in a house for only $900 more per month than what we currently pay for rent, but then we'd be building equity and have a house! Problem: I dont want to use the $$ we have in our wedding savings for the down payment. So how hard is it to get approved for 100% financing? The monthly payment would be fine according to our financial analysis we recently had, I'm just worried about the 100% financing approval. Any suggestions, experiences or info? thanks
AJsMommy122
Posted:
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Re: NWR- Houses
There was something posted about 100% financing on the home board a few days ago.
DanielleBride
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Re: NWR- Houses
Thanks I'll go search for it.
Blu-ize
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Re: NWR- Houses
Although it's not hard to get approved for 100% financing if your credit is good, you may find that sellers are not quick to sell to you with no money down. Also, keep in mind you will need $$ for closing costs.
Sometimes sellers will look for a buyer with liquidity..you may find it hard to compete in this real estate market w/o money down.
kellwolfe
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Re: NWR- Houses
I was just going to say the same thing I have been told that if you don't have or don't want to put anything down it makes the sellers nervous ....if Your not putting anything down they think that your not making a commitment and you could pull out - And yes you would need the money for your closing costs ...and don't for get about home Owens ins ....and anytime you put less then 20% down you have to pay PMI which once you get the full 20% down you don't have to pay anymore .....
