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The 100% financing loan is designed to offer home ownership opportunities to borrowers with good credit but who lack the ability or desire to make a down payment on a home. It provides an option for those who wish to invest their savings in assets other than their home.
This type of financing is popular among both first time home buyers and experienced home buyers and you can use 100% financing for a purchase or a refinance. The fixed rate loan is also available for construction and home improvement of an owner occupied primary residence.
Seller concessions to cover all closing costs and pre-paid items are allowed up to 6% of the purchase price. Make sure to adjust the purchase price as necessary, though, so that the seller does not benefit from any unused portion. As always, we can provide guidance on how to proceed in this situation.
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