100% Loans - Can You Still Get One?
100% financing used to be fairly common during the "boom" years of 2003-2007, but nowadays it is almost a thing of the past.
There still are a few programs that offer up to 100% financing, but they are either geographically restricted or limited to lower income levels.
Most of these programs don't require "stellar" credit scores, but they do require fairly "clean" credit history, with no bankruptcies, foreclosures or recent collections:
1. VA loans - applicant must be eligible (veteran, former or active military). Contact Michael Gobin, Wells Fargo Mortgage (843) 475-1066.
2. USDA loans - available only in some "rural" areas (some areas in Goose Creek, Moncks Corner and Summerville may qualify), and must be eligible by income level. Contact Matt Dorsey, WR Starkey Mortgage (843) 735-5266. Check eligibility on their website http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
3. NACA - need to qualify on income and must have no collections/late payments in the last 12 months. Contact NACA www.naca.com (843) 556-0497
Other programs that offer low downpayment loans, include:
1. CHIP loan from BB&T (up to 97%) - need to qualify on income (cannot exceed 80% of county's median income) and location of the property (only certain areas qualify). Contact Amanda Powell Peuser (843) 971-3007.
2. FHA loans (most lenders/brokers offer it). Up to 96.5% loan-to-value. This is currently one of the most widely used loans available. Contact Jules Deas, SunTrust Mortgage (843) 849-3029.
Please contact us if you have any questions or comments.