100% Mortgage Financing: It’s Not For Everyone

Sorry to burst your bubble but I have to tell ya, 100% mortgage financing is not for everyone.

Nope, not for you if you just filed for bankruptcy, are unemployed or haven’t paid your credit card bills in a few months.

But let’s not dwell on the negative. Let’s talk about who 100% mortgage financing IS for – and it may not be what you think.

And just in case you’re not exactly sure what I’m talking about, 100% mortgage financing is when you borrow funds equal to the full purchase price of the home – thus the “100%” (most mortgage programs lend you less than the full purchase amount).

So, to qualify, you don’t have to be a gazillionaire or otherwise rollin’ in it, and you don’t have to have perfect credit or a high paying job. And you certainly don’t need a pile of cash in the bank. Heck, that’s exactly why this program exists; to help qualified borrowers who don’t have the down payment money.

What you do need is good credit, as in a FICO score of 720 or higher – which is not unreasonable. You need steady employment – also doable. What else? Check out this video to get the straight dope on whether or not 100% mortgage financing is right for you.

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About the Author ()

Melvin is the Smart Green Pig. "Smart" as in intelligent. Some would say "Super Intelligent" or perhaps "Genius". But also "Smart" as in surly and sarcastic, so watch your Ps and Qs! By the way, Melvin gets paid (quite handsomely) by SECU, so even though he's completely unbiased, some might think otherwise. Just sayin' (disclosin').

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