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dbcooper

Beach Comber
Jan 11, 2008
41
5
Does 100% mortgage still exist? 80/20 90/10??

IF credit is perfect and person gainfully employed with little to no debt.
Home would be primary residence.

Sale price $500,000.

Anyone seen this in 2010??

Thanks!
 

AliKat

Beach Comber
Jul 26, 2007
30
14
Not sure of income requirements, but I know of the Rural Home loan for first time home buyers that finances at 103%. It also has the perk of no PMI insurance.
 

30Ahhh

Beach Comber
Apr 15, 2010
5
2
Not sure of income requirements, but I know of the Rural Home loan for first time home buyers that finances at 103%. It also has the perk of no PMI insurance.


Income limits for program in Walton County.

Section 502 Guaranteed Rural Housing Loan Program
Maximum Adjusted Household Income for Selected State and County : $73,600.00
Section 502 Direct Rural Housing Loan Program
Maximum Adjusted Household Income for Selected State and County : $42,650.00
 

Franny

Beach Fanatic
Mar 27, 2005
4,046
410
Pt. Washington
Call Jayne with Premier Mortgage 622-0096. She has several outstanding programs to offer you and yes 100% loans are still available.

Francesca Gage
The Beach Group
 

Miss Kitty

Meow
Jun 10, 2005
47,017
1,131
69
Wait a minute....isn't this part of the problem we have been seeing in the mortgage handout industry???? :dunno:
 

AliKat

Beach Comber
Jul 26, 2007
30
14
It is confusing how someone can afford a $500,000 house and have no debt doesn't have down payment. :dunno:
 

dbcooper

Beach Comber
Jan 11, 2008
41
5
It is confusing how someone can afford a $500,000 house and have no debt doesn't have down payment. :dunno:


It was just an example.

But like a majority of americans, home owners have become upside down or breaking even when a sale is forced.

In other words... if you bought a home a few years ago- Put over 100k down. Sell it in 2010 and hope you don't have to bring cash to closing due to depreciation.

This would leave a qualified buyer (credit wise) with no money for next home. A buyer would have to rent or assume they could acquire a home that would be at it's lowest value.
 

Lynnie

SoWal Insider
Apr 18, 2007
8,176
431
SoBuc
It was just an example.

But like a majority of americans, home owners have become upside down or breaking even when a sale is forced.

In other words... if you bought a home a few years ago- Put over 100k down. Sell it in 2010 and hope you don't have to bring cash to closing due to depreciation.

This would leave a qualified buyer (credit wise) with no money for next home. A buyer would have to rent or assume they could acquire a home that would be at it's lowest value.

A short sale won't leave a person with good credit. There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt.

To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven't owned a home for the last three years......whether primary, vacation or rental.

Good luck!
 

dbcooper

Beach Comber
Jan 11, 2008
41
5
A short sale won't leave a person with good credit. There will be a credit ding and reduction in overall score when a short sale is reported to the repositories, simply because a lender has written off a portion of the debt.

To qualify for some of the higher LTV programs out there, unless it is a private lender, you have to be a first time home buyer, which means you haven't owned a home for the last three years......whether primary, vacation or rental.

Good luck!


hard not to take generalities personal...just to clarify, home is 100%current. Lost my job and want to sell before I run out of money!!!
The unscheduled sale in a poor housing market with the added realtor commissions creates a less than desirable situation.:blush:
 
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