Did anyone not put any money down

when purchasing a home?

Re: Did anyone not put any money down

I plan on putting 10% down and paying closing costs out of pocket - but if you do a search, I believe this topic has come up before, and many people have done 100% or even 103% financing.


good luck!

Re: Did anyone not put any money down

I'm doing 100% financing...in the early stages of the process. There are two important factos about whether you'll get approved for 100% though:

1. Your Credit Rating (but you knew this already)
2. Comparable Sales

I'm not sure what you do/don't know so forgive me if I sound repetitive.

If you're asking for 100% financing on a house you're buying for 400K, but comparable houses in the area have been selling for 375K, the bank won't grant you your full loan amount.

Even if you get approved for 100%, you still need to put some money "down." It goes into an escrow account and serves as "good faith" money that you will get back. No attorney will let the seller sign a piece of paper without some sort of monetary promise to back things up.

Message edited 10/3/2006 4:40:39 PM.

Re: Did anyone not put any money down

We did an 80/20 1st has about a 6% interest rate 2nd has about 8% We figured out the payments this way and a straight 100 and it worked out better this way. However my sisters worked out better with the straight 100-you have to run the numbers

Re: Did anyone not put any money down

we did 103% financing.

we have an 80/20

Re: Did anyone not put any money down

Thanks Girls