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How do I get 100% financing? Programs have changed in the last 10 years and it's easier than ever to get 100% financing. There are different versions of this program, such as, one loan for 100% of the purchase price or two loans for 80% and 20% of the purchase price. Either program will allow you to buy a home with no down payment.
This should not be confused with not having any closing costs. Closing costs are additional to the loan amount. But don't let that stop you...all lenders will allow the seller to contribute money to pay for your closing costs. Letting your realtor and loan officer know how much money you can save before closing is very important. Together they can help you buy a house with almost no money out-of-pocket!
Credit scores are a very important factor when qualifying for these programs. Any one with a credit score of 560 or above can get 100% financing. Of course, the better your credit the better the interest rate will be and the more choices you will have.
Manhattan Mortgage has a special department that helps people with credit challanges to obtain a mortgage. If you want help planning for a home purchase and free guidance in how to improve your credit between now and when you are ready, they will gladly help you put a plan into action. It is best to plan now.
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