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Is it possible to get a 100% mortgage right now with good credit?

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No Lifer
I have great credit, income:debt, and a house that is worth maybe as much as 1% more than the current loan, which is split between a 79% 30 year (about 6.375%) and 20 % HELOC, so 99% loan to value.

I'm interested in lowering the mortgage rate. I've heard that lenders really want 10-20% down now. If a person doesn't have that are they SOL? Would my 20% HELOC, if left unchanged, still count, so that my new loan would be only 80%? I presume no, since I'd still have no home equity (read: no collateral). Is the only other option PMI, then? If so, I think that would eat up most of the savings I'd get, so not worth the effort.

I just want to know if it's even worth calling a real estate lender now. I've read today that there is about a 60% approval rate in mortgages now. I am a perfect contender except for that itsy bitsy problem of no equity in the home 😛
 
No, FHA purchases with 3.5% down are as close as you can get.

Your 2nd would not resubordinate anyway, even if you could find someone to do the 1st.
 
Originally posted by: Kelvrick
Depends on where you live. I think in some places in California you can get government backed loans for up to 100%.
Click to expand...

False.

But there is a HUGE program starting in April that will let you refinance your Fannie Mae 1st up to 105% of your home's value without PMI. It currently has to be held by Fannie in order for this to happen.

It is going to be a great time for those in the business....and homeowners that were responsible enough to get a good loan and make thier payments.

Edit: Just read the official guielines, FHA and VA will be able to convert to Fannie in order to take advantage of this as well.
 
Obama's Making Home Affordable Plan.
Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today?s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
Click to expand...
Of course, you need to meet the requirements.
 
Originally posted by: Ocguy31
But there is a HUGE program starting in April that will let you refinance your Fannie Mae 1st up to 105% of your home's value without PMI. It currently has to be held by Fannie in order for this to happen.

It is going to be a great time for those in the business....and homeowners that were responsible enough to get a good loan and make thier payments.
Click to expand...
You beat me to the correct answer by an inch.
 
a local bank was passing around brochures at an industry night selling 0% mortgages.
 
Originally posted by: Ocguy31
No, FHA purchases with 3.5% down are as close as you can get.

Your 2nd would not resubordinate anyway, even if you could find someone to do the 1st.
Click to expand...

Mine just did.

I'm just saying...

MotionMan
 
Originally posted by: MotionMan
Originally posted by: Ocguy31
No, FHA purchases with 3.5% down are as close as you can get.

Your 2nd would not resubordinate anyway, even if you could find someone to do the 1st.
Click to expand...

Mine just did.

I'm just saying...

MotionMan
Click to expand...

Were you at 100% CLTV? Sorry, I should have been more clear. I do loans with subs all the time, but most are capping at 90% CLTV.
 
Originally posted by: Ocguy31
Originally posted by: MotionMan
Originally posted by: Ocguy31
No, FHA purchases with 3.5% down are as close as you can get.

Your 2nd would not resubordinate anyway, even if you could find someone to do the 1st.
Click to expand...

Mine just did.

I'm just saying...

MotionMan
Click to expand...

Were you at 100% CLTV? Sorry, I should have been more clear. I do loans with subs all the time, but most are capping at 90% CLTV.
Click to expand...

No.

MotionMan
 
Originally posted by: Kelvrick
Originally posted by: Ocguy31
Originally posted by: Kelvrick
Depends on where you live. I think in some places in California you can get government backed loans for up to 100%.
Click to expand...

False.
Click to expand...

Really, are you sure about that?

http://www.calhfa.ca.gov/homeo...hip/programs/cshlp.htm

Maximum LTV: 100%
Click to expand...
Click to expand...

Good luck with that 😉

We had a couple of those. They cap your income, and make you jump through more hoops than you can imagine. I never saw one actually go through. Has to be a bank-owned property as well.
 
I would put at least 10% down. Right now I'm saving up and I'm aiming to put maybe 20% down. Well more like 15 + all the fees attached to it.
 
Originally posted by: Ocguy31


Good luck with that 😉

We had a couple of those. They cap your income, and make you jump through more hoops than you can imagine. I never saw one actually go through. Has to be a bank-owned property as well.
Click to expand...

Why not just admit you were wrong. These programs always have qualifications that you have to meet. The question was if it was possible. Your experience doesn't really have any bearing on a program that has only recently been started.

This sales list seems to have a lot of sales pending.

http://www.calhfa.ca.gov/homeo...s/cshlp_properties.pdf
 
Originally posted by: Kelvrick
Originally posted by: Ocguy31


Good luck with that 😉

We had a couple of those. They cap your income, and make you jump through more hoops than you can imagine. I never saw one actually go through. Has to be a bank-owned property as well.
Click to expand...

Why not just admit you were wrong. These programs always have qualifications that you have to meet. The question was if it was possible. Your experience doesn't really have any bearing on a program that has only recently been started.

This sales list seems to have a lot of sales pending.

http://www.calhfa.ca.gov/homeo...s/cshlp_properties.pdf
Click to expand...

OK I was wrong. If you want to take homebuyer education classes, and buy a bank-owned property, and dont make too much money, you can get 100% financing.

Or you can save up a measly 3.5% and get the home you want.

 
Originally posted by: nakedfrog
The house kitty corner from mine is up for sale and has a sign in the yard that says 100% bank financing.
Click to expand...

I can't believe that someone would still want a new 100% financed mortgage nowadays. All that money being pissed away on interest and/or PMI... Sad.
 
Originally posted by: ultimatebob
Originally posted by: nakedfrog
The house kitty corner from mine is up for sale and has a sign in the yard that says 100% bank financing.
Click to expand...

I can't believe that someone would still want a new 100% financed mortgage nowadays. All that money being pissed away on interest and/or PMI... Sad.
Click to expand...
It can make sense in the right situation, e.g. doctor who just got his first real job cranking in huge bucks but has no money saved up from bills and things. Pretty secure income but no equity to put in.

 
Originally posted by: ultimatebob
I can't believe that someone would still want a new 100% financed mortgage nowadays. All that money being pissed away on interest and/or PMI... Sad.
Click to expand...

Better than throwing away money on rent.
 
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