No More 100% Financing....Have you heard?

You read it right. No more 100% financing. Of course I can't speak for every community so I am speaking for mine, Jefferson City, MO. The local banks are no longer making true 100% financing options available to their customers. Now there are some ways around it...at least somewhat. They will still offer 80/20 programs. Many first time home buyers over the past few years have relied on these 100% financing program and have gotten themselves into a lot of trouble. I am glad my local banks are making these changes and I hope that first time home buyers will recognize the importance. Buyers...it is important that you are able to bring some money to the table in a Real Estate transaction. It helps make your offer more solid and it is a much better financial decision. Understand that it may mean waiting a bit longer until you can save the right amount to get started but it will be worth it.

Have a great day!