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I often hear that 100% financing is gone for good.  But it’s not true!  Here are just a few of the programs available . . . and these are all fixed rate loans, nothing fishy here:

BB&T bank offers the CHIP loan for buyers with credit scores at 680 or above with 100% loan to value.  With a 620 score the LTV is 97%.  Loan amounts are up to $417,000 and there are other restrictions.

Navy Federal Credit Union offers 100% financing for their members.  No private mortgage insurance, no down payment, and loan amounts available up to $1,000,000.

VHDA (Virginia Housing Development Authority) has a popular home loan called FHA plus.  No down payment is needed because in addition to the FHA-insured first mortgage, you get a second mortgage to help fund your down payment and closing costs.

The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.

Of course most of these programs require that the buyer receive homeownership counseling or take a homebuyer education course, but that commitment is usually not more than two or three hours.

For more information, contact an experienced real estate agent.  I’d be happy to help.

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