100% Financing on Home Loans

For all conventional purposes 100% financing will only be available through the VA and the FHA effective March 31st 2008. So, for all of the fence sitters you have 2 weeks to secure financing at the 100% level from either Fannie Mae or Freddie Mac. These companies offer the purest forms of 100% financing because they do not involve gift funds and you do not have to be a veteran.As of April 1st, 2008 Freddie and Fannie will be offering 97% financing at a FICO score of 680 or higher. For more information contact me at www.tombrewerjr.com.

Most prospective home buyers say well so what's the point. The point is that most buyers seeking FHA financing with the Neamiah Program to get 100% financing are not in a buyers market becuse they will bw asking the seller for around 7% off of list price to get the transaction done.While this is done all the time the houses that have the value and ability to fit this criteria are less.

So if you want to be in the market for every house and in a position of transaction leverage to your side you will need 3% down in the future or you will have to narrow your chices for the 100% programs of the FHA.The upside to the FHA is that currently it is not FICO score driven so you can qualify at a FICO score of 540 or above.