Posted by Tobe on January 18, 2001 at 17:08:45:
“It is possible to get a loan of 100% or more but it is rare anyone qualifies. You need a high income, high credit rating and/or other collateral besides the property being mortgaged.”
That is not true at all!! I just purchased a home and the lender financed the down payment AND the closing costs. Zero out of pocket to me. I am 23 years old and my income with my wife’s is only about $30,000-$35,000 a year. By no means high. True we have excellent credit but being only 23 I haven’t racked up many bills and don’t have much credit. No other collateral was needed at all. We paid $76,000 for the home. Lenders don’t care how much you make as long as your ratios are okay and you can pay the money back and proved that you pay your bills through a credit check. Employment time is also important, unless you have other income streams like your mother.