Submitted by 23109VC on March 10, 2007 – 11:02pm.
With all the subprime lenders losing their shirts…. will it be harder in the future to get 100% financing?
2 things come to mind here. First, with responsible management of your credit and a good job, how is it that you are can not save for the down payment. I would think that while your are doing a great job of servicing your current debts you need to do a better job of cutting some of the fat out of your budget to put away for the down payment.
Second: if you can’t come up with the down payment and 100% financing is not available from a lender, consider going direct to the seller and finding out if they have an assumable mortgage or if they will carry the note. It will narrow your options because there will be a narrow field of sellers who are willing to do this but it presents you with a way of accomplishing the no money down situation. Find sellers who will carry the note and pay a slighter higher premium for them doing this. Could be win win for both parties. Good luck.
