Home Mortgage Loans in Arizona?
April 82010
I have a condo I want to rent. I want to buy another home soon. Living in Arizona, will I be able to get a 100% loan? I have excellent credit, but not alot of loose cash available for downpayments. If I can not, what will the requirements be as a downpayment? Thanks!
No 100% financing is not available any more as of 4/1, the max lenders go up to is 97%. So you’d be required to provide a 3% down payment since you have great credit. Just remember though you will have to qualify for the loan showing that you can afford both mortgages without the potential rental income being included.
April 8th, 2010 at 9:21 pm
I’m a Realtor so I know 100% financing is possible.
Are you buying a home that will be move-in ready, or one for cheap that you want to fix up?
If you are buying a rehab home than 0% down probably wouldn’t be possible unless the home checked out in average or better condition. Fair or Poor is a no go.
Talk to a mortgage representative. It is free for a pre-approval and doesn’t hurt your credit.
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April 8th, 2010 at 9:26 pm
No 100% financing is not available any more as of 4/1, the max lenders go up to is 97%. So you’d be required to provide a 3% down payment since you have great credit. Just remember though you will have to qualify for the loan showing that you can afford both mortgages without the potential rental income being included.
References :
mortgage broker
April 8th, 2010 at 9:42 pm
100% doesn’t exist anymore. go to safemortgagesolutions.com and check them out. my parents got some loan information from them from yahoo answers. good luck
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