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07-30-2008, 03:06 AM
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139 posts, read 448,635 times
Reputation: 66
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Im selling my house, but may have to rent it.
that being said, Id like to buy a house in Florida and rent my house in Vrginia that just isnt moving.
Who still does 100% financing ?
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07-30-2008, 08:28 AM
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Location: Raleigh, NC
467 posts, read 1,657,170 times
Reputation: 371
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Am in the middle of purchasing - and the only program I found w/ 100% financing was USDA - but there are requirements re: income and location of property.
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07-30-2008, 08:41 AM
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Location: Charlotte, North Carolina
5,137 posts, read 15,693,669 times
Reputation: 1008
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USDA is for rural areas.
You can buy a home with Nehemiah, but you have to your loan closed before October 1st.
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07-30-2008, 09:47 AM
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Location: Raleigh, NC
467 posts, read 1,657,170 times
Reputation: 371
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well, rural is dependent upon definition -- I qualified for a USDA loan, and the home is an area I would not call rural. Parts of Raleigh, NC qualify for the USDA loan.
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07-30-2008, 02:24 PM
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Location: Cary, NC
1,036 posts, read 3,770,587 times
Reputation: 510
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Rural is very broad, many "sub-urban" areas qualify for USDA. Ask a broker or banker about the possiblity, they can give you a map of your local area. USDA also has maximum income limits you need to check into.
There is also VA financing for 100%, but you have to be a verteran or the spouse of one. FHA with down-payment assistance is an option. Seller-funded DPA programs are set to end on 10/1/08 but there are also city and county funded ones under special circumstances.
For any "conventional" mortgage 3% down is usually the minimum, however in many cases 5% is required. Lenders want to know that a buyer has some investment in the transaction. 100% financing is not only risky because there is no equity to cover the potential losses, but because it makes it too easy for a borrower to just walk away.
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07-30-2008, 06:33 PM
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Location: Southeast Georgia
65 posts, read 226,442 times
Reputation: 46
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Why not rent your house out and rent one for you in Fl. until you can actually sell your house?
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07-30-2008, 10:20 PM
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69,360 posts, read 58,663,349 times
Reputation: 9372
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Quote:
Originally Posted by renriq02
USDA is for rural areas.
You can buy a home with Nehemiah, but you have to your loan closed before October 1st.
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Thats only if the law passes (which it probably will) |
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07-30-2008, 10:33 PM
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Location: Charlotte, North Carolina
5,137 posts, read 15,693,669 times
Reputation: 1008
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It already has....goes into effect October 1st
Quote:
Originally Posted by pghquest
Thats only if the law passes (which it probably will)
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07-30-2008, 10:40 PM
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Location: Cary, NC
1,036 posts, read 3,770,587 times
Reputation: 510
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Quote:
Originally Posted by pghquest
Thats only if the law passes (which it probably will)
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The law not only passed Congress, the President signed it today. |
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08-01-2008, 07:48 AM
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Location: Palm Island and North Port
7,484 posts, read 20,946,184 times
Reputation: 2838
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Most areas in North Port, FL qualify for the USDA loan which you can get 100% financing. There are some income requirements though, as previously stated.
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