Yes, 100% financing does still exist.


Yes, 100% financing does still exist.
By Scott Rogers • December 29, 2011
If you are looking to finance 100% of the purchase price of your new home, it may still be possible. Please note that each of the loan types below have limitations and requirements that may not make you or your property eligible -- but all of them deserve research if you are interested in a 100% loan. FHA Loan + 3.5% Gift If you have access to 3.5% of the purchase price as a gift, you may be able to combine that with a 96.5% FHA loan to acquire an effective 100% loan -- even though you won't be paying back the gift. BB&T's Community Homeownership Incentive Program (CHIP) These mortgages through BB&T do not require a downpayment nor a PMI payment. Veteran's Administration (VA) Loans These loans can be up to 100% of the purchase price and are available to qualified veterans, active duty, reserves and National Guard personnel. USDA Rural Development Loans The property you are purchasing must be eligible (based on location) and you must qualify (based on income) -- you can check both of those details here. Of note, the processing of these loans can be quite slow -- after your mortgage goes through underwriting with your lender, it then must be submitted to USDA for review and approval. I am not a lender, but I'm happy to answer any general questions you might have about the process of becoming pre-approved, some professional lenders in the Harrisonburg and Rockingham County area, etc. Feel free to call me (540-578-0102) or e-mail me to discuss your financing scenario. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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