Dated: 05/29/2012

Views: 2436

100 percent financing is available on many homes.  HUH?

You may be asking yourself, “Isn’t that what got us in this mess in the first place?” 

Well, you do have to wonder.

Qualification for any loan is based mainly on credit and income. Job stability, past payment history, assets and liabilities are all taken into consideration when assessing one’s ability to re-pay.

Many feel the core reason for mortgage defaults has virtually nothing to do with the amount of the down payment.  Keeping in mind that mortgage defaults occur for many reasons; loss of job, loss of income, resetting variable interest rates, and divorce, does it matter whether the purchase price of a home is $80,000 with no down payment or $100,000 with a 20 percent down payment? The liability is the same, right?

Yes, but you still have to wonder if a family had 20,000 of their own money tied up in their home, would they have reacted differently?  Would they have let something else go instead?  Would they have taken that less than desirable job offer?

Either way, the United States Dept of Agriculture (yes the same one’s who certify our beef) and the Department of Veteran’s Affairs provide 100% financing to those who are eligible. The key phrase is “for those who are eligible”. USDA loans are for properties that are located in designated areas that are considered rural by the USDA.  There are also income limitations. VA loans are for eligible veterans only and not the general public.  There are now many veterans who qualify for this program.  I personally think this is a nice gesture of thanks to our veterans.

If you do have some money to put down on your home, there are some other nice programs such as FHA.  A nominal 3.5% down payment and meeting some generous income and credit requirements can get you into that home of your dreams.

Now my question for you, “How can I help?”


Marty Patterson, 864-378-3703

I cover, Abbeville, Anderson, Donalds, Due West, Greenwood, Honea Path, Ware Shoals, and surrounding areas.



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Marty Patterson

Started my real estate career fresh out of college with my first real estate purchase of 17 units. I'm hooked. I love real estate investing! Since that time I have ventured through some dozen other pe....

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