Question:

Is there FHA 100% financing?

Answer:

No. There is no such thing as FHA 100% financing outside the FHA down payment grants. The greatest thing about FHA is that the down payment with them can be as low as 3%. Another great thing about that is that this can be gift money from a family member, or a government grant. Even with the recently signed decrease of the FHA required down payment, it will drop to 1.5%, but there is no guarantee other costs associated with the FHA loan won't go up.

If you are looking for a mortgage with 100% financing, try talking to your bank. You may qualify if your score is particularly good, and you are not living in a declining market area. Nevertheless, banks and private lending companies are the place to search for a 100% financing loan. Try the internet, a credit union or a mortgage banker. They may have a 100% financing mortgage loan product for you. However, looking for pure FHA 100% financing is not an adequate option - it is possible if you use some additional funding from other sources.

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