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Yes, it is possible to get 100% mortgage financing on a home! And if the seller agrees to pay closing costs, you may be able to move in with 'no money down.' Several things factor in for you to qualify: credit and income, for instance.
100% financing can be a wonderful thing, letting you get into a home and enjoy the benefits of homeownership (tax savings, a yard, neighbors, building equity, etc.). But there can be a problem if your budget is tight, or if you don't have job security (a lot of us don't these days) and you need to quickly sell the house. There may not be enough equity to pay closing costs if you must sell in a hurry. So be careful and manage your money if you are lucky enough to get in a home with no money down.
With a 100% mortgage, you may be able to hold on to your cash, and take more mortgage interest off your income taxes at the end of the year. Check with your accountant or financial advisor about your particular case to see what is best for you.
You will probably get better terms and rates by putting 5% down (some buyers withdraw these funds from a company 401-K account).
To see if you qualify for a 100% mortgage, you need to talk to a lender. Below are names of lenders who have given us good service in the past. Any of them would be glad to pre-qualify you, and then we can start looking for your new home!
Beverly Effinger
Countrywide Home Loans
3011 Armory Drive, Suite 120
Nashville, Tn. 37204
direct office: 615-782-3223
main office: 615-782-3200
assistant: 615-782-3227
cell: 615-403-8447
www.home.countrywide.com/beverlyeffinger
Albert H. Lee
Sellers Financial Group, Inc.
2323 21st Ave. S., Suite 500
Nashville, TN 37212
Office: 615-777-LOAN (5626)
Cell: 615-714-4218
mailto:albertl@sellersmtg.com
Rob Smith
Suntrust Bank
5205 Maryland Way
Suite 200 Brentwood, TN 37027
Office: 615.507.7851
Cell: 615.714.5699
Fax: 615.376.8066
www.suntrustmortgage.com/rsmith |