100% Financing and 40 Year Amortizations

July 30, 2008 1:26 pm Jason News

One question that I have been asked quite a bit recently is, “Can I still get 100% financing and 40 year amortizations?”  And typically the follow-up question is, “What do I need to have completed by October 15, 2008 to get this arrangement?”

First questions first.

And the answer is yes it can be done by some lenders.

But recently a number of lenders have stated that they are no longer offering these options.

So a good mortgage broker will be able to find these conditions for you.

The same rules apply as they did before but lenders are very particular (maybe even picky) right now as they expect a major influx of people trying to do these types of deals before October 15, 2008.  So in order to make the deal go smooth I will ask for as much paperwork as possible early in the process.

Second question second.

To get a mortgage with a 40 year amortization and/or no money down you don’t have to move in by October 15, 2008.  But you will have to have all conditions (i.e. Proved income, proved closing costs, have a completed offer to purchase, etc) met prior to that date and take possession of the property before January 12, 2009.

Two and half months may seem like a lot of time but act soon as this time will fly by.  Call me.

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