Comments on: Low and no down payment home loans http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/ mortgage info for the D.C. metro area | guidelines, updates, news, loan officer insight & approval, rates, terms, fees.. Thu, 31 Dec 2009 15:59:01 -0500 http://wordpress.org/?v=2.8.1 hourly 1 By: loan officer http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-2881 loan officer Tue, 12 May 2009 12:28:01 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-2881 In the current market you should plan on having at least 3.5% for downpayment.. The 100% loans are available in rural areas and for VA eligible (veterans) borrowers. In the current market you should plan on having at least 3.5% for downpayment.. The 100% loans are available in rural areas and for VA eligible (veterans) borrowers.

]]> By: Louise http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-2148 Louise Wed, 29 Oct 2008 18:57:59 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-2148 But still no chance of getting on the property ladder for the first time buyer. But still no chance of getting on the property ladder for the first time buyer.

]]> By: Utah Mortgage Company http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-2079 Utah Mortgage Company Tue, 14 Oct 2008 07:15:55 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-2079 That's good that the mortgage rate is going down... That’s good that the mortgage rate is going down…

]]> By: Mortgage Loans Knowledge http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-1995 Mortgage Loans Knowledge Thu, 25 Sep 2008 08:42:30 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-1995 In real estate "nothing down" means zero cash from the buyer's pocket. However, it doesn't mean the seller won't receive 100 percent cash for the home. Personally, I bought several zero-down-payment houses where the sellers walked away with all cash. Nothing down really means the buyer is borrowing the entire purchase price. To illustrate, when you read in the newspaper that a commercial property sold for $50 million, do you think the buyer paid $50 million cash from his savings account? Of course not. Using a combination of a first mortgage, perhaps a second mortgage, plus a bank credit line, the investor-buyer probably didn't even pay the closing costs from his pocket. The same procedures apply to home purchases. Peter In real estate “nothing down” means zero cash from the buyer’s pocket. However, it doesn’t mean the seller won’t receive 100 percent cash for the home. Personally, I bought several zero-down-payment houses where the sellers walked away with all cash.

Nothing down really means the buyer is borrowing the entire purchase price.

To illustrate, when you read in the newspaper that a commercial property sold for $50 million, do you think the buyer paid $50 million cash from his savings account? Of course not. Using a combination of a first mortgage, perhaps a second mortgage, plus a bank credit line, the investor-buyer probably didn’t even pay the closing costs from his pocket. The same procedures apply to home purchases.

Peter

]]> By: Mortgages http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-1545 Mortgages Fri, 01 Aug 2008 15:43:56 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-1545 Exactly right, now we're in July 08 you can't find 100 per cent mortgages anywhere in the UK. The cost of getting a fixed rate mortgage has also gone through the roof with some lenders charging up to a £5,000 fee, just to get a fixed rate! That is an extreme case; I think the average is about £1000 - £1,500. Many borrowers are opting for tracker mortgages because interest rates here in the UK are low/holding low. This is because we have high inflation and so keeping interest rates low may (hopefully) stimulate the UK economy before we go into recession. Exactly right, now we’re in July 08 you can’t find 100 per cent mortgages anywhere in the UK. The cost of getting a fixed rate mortgage has also gone through the roof with some lenders charging up to a £5,000 fee, just to get a fixed rate! That is an extreme case; I think the average is about £1000 – £1,500. Many borrowers are opting for tracker mortgages because interest rates here in the UK are low/holding low. This is because we have high inflation and so keeping interest rates low may (hopefully) stimulate the UK economy before we go into recession.

]]> By: Paul Haughney http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-1031 Paul Haughney Thu, 08 May 2008 16:04:51 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-1031 Here in the UK it is almost impossible to get a 100% mortgage. This is a significant shift as only 12 months ago you could easily get a 100% mortgage but today the lending criteria has dropped as low as 70& LTV, even if you have a good credit history. Here in the UK it is almost impossible to get a 100% mortgage. This is a significant shift as only 12 months ago you could easily get a 100% mortgage but today the lending criteria has dropped as low as 70& LTV, even if you have a good credit history.

]]> By: Ramon http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/comment-page-1/#comment-470 Ramon Wed, 20 Feb 2008 19:49:35 +0000 http://www.choicefinance.net/blog/2008/01/05/low-and-no-down-payment-home-loans/#comment-470 What about loans weighted more on the back end? Those seemed to cause the most trouble, as we all have seen... What about loans weighted more on the back end? Those seemed to cause the most trouble, as we all have seen…

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