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.
Our advice: Be sure to ask your lender about FHA loans. FHA loans have very competitive interest rates because the loans are insured by the US Federal Government. Even if you have had serious credit problems, such as bankruptcy, it is easier to qualify for an FHA loan than a conventional loan. Also, taking an FIXED rate loan while the interest rates are still low is a smart idea. Check your eligibility here:
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage