If a home says home for possible 100 financing does that mean there does not have to be a down paymentWhat is the lowest down payment acceptable?

Asked by: of Bloomington, IN on 2012-09-11T16:43:58Z

Yes. Depending on location some homes qualify for no money down financing. There are some income guidelines for the buyer as well. You can email me for more if you'd like. I can tell you about all your options and the pros and cons. I'm a local RE/MAX agent.


It most likely means it may be eligible for a USDA loan. Your lender can verify this for you. It is 100 financing - meaning no down payment is required. But don't forget you still will have costs for inspection appraisal and closing costs. Once again your lender can give you a good faith estimate on what your actual costs would be. Many times you can also ask a seller to pay X amount of dollars toward closing costs if you're short of funds.


There are many factors that go into determining the amount of money that you need in the bank in order to be able to buy a home including some loan programs that will allow you to purchase with no down payment. It would be my pleasure to provide additional details if you would like. Just click on the Contact Me link.


Get with a Realtor and a Lender. Remember if it's too good to be true it is. A Realtor can help you navigate gray waters. You have lots of lending options but they may be specific to your region which is outside of my area of expertise. All the best to you


There aqre a few different programs that are 100 financing. As someone else mentioned USDA is one but you would have to meet thier income requirements as well. There is also a HUD program that is similar to FHA with no money down. Both programs allow for seller concessions where the seller can help pay closing cost as well. Feel free to contact me if you would like more information on either.


If a home is in certain areas it can be 100 eligible this is called USDA loans mostly rural but some other areas. In these loans no money is needed down. If a home doesnt qualify for this type of loan it may be purchased with a FHA loan which is 3.5 of the purchase price. The best way to find out if a home/ or area is USDA eligible is to contact a realtor and they can find out. Feel free to contact us anytime