Lenders will let you do one 95% loan but do nothing better than a 10% down for your next one. This is how they get you in. They will still allow seller carries.
You may like this no out of pocket program:
Need Help finding closing cost, etc - Posted by Dave Cruz
Posted by Dave Cruz on September 07, 2004 at 01:43:06:
My biggest problem is money for down payment and closing costs. My fico score is 660 and approved for loans but dont have any money for down payment and closing costs. How or what strategy I can use to get money for down payment. I really dont want to use Hard money lenders but I’m running out of options.
Fico score is 695, looking to purchase a home between $200,000-250,000. How or what strategy I can use to get money for down payment. I really dont want to use Hard money lenders but I’m running out of options.
I have something like hard money but without all the high rates and terms. We loan up to 80% of the after repaired value. Your interest only payments will be 2% above wall street prime and we charge one point. Pay nothing out of pocket(ever)We will be nationwide in about a month.
more info on this site:
I live in No VA. There is a program here called American Dream Downpayment Incentive (ADDI). I believe this is a Federal program for first time buyers. It was instituted July 1, 2004. Check with your local county housing agency or HUD.
Re: Need Help finding closing cost, etc - Posted by Hannah
Posted by Hannah on September 08, 2004 at 23:19:27:
See if the seller is willing to carry a note, for say, 5%. This way, you could go out and possibly get a 95% loan, while the remaining 5% is carried by the seller. I am not a lender and not sure how hard\easy it would be to get 95% financing on a NOO loan with your FICO score. If all is good up to this point, put the closing costs on a credit card or sell one of your pet turtles.