I was asked a question today...can a first time home buyer get 100% financing and are the banks even loaning any money? So, the answer was...it depends. With our federal government offering $8000 as a tax credit to a first time home buyer (have not owned a home in the last 3 years), this can be a decent down payment for many. I communicated that if they had not filed their 2008 taxes yet (I haven't and I know I'm not alone...I do that about April 13 every year, it's tradition) they could elect to take the tax credit now as long as they purchased a home by 11.30.09 and they would have their down payment. With the sellers paying the closing costs, this is like 100% financing. The other option was to consider homes in a rural setting. In my area, rural is not far, you can be 15 minutes to the "city" and find yourself a great home that qualifies for the USDA rural development loan program. That is 100% financing and a great program if you qualify. It turns out that they liked what they heard and had not realized that they really could begin the dream of home ownership. So, when it comes to 100% financing...yes and no, it just depends.
Native Oregonian with a passion to serve the people. The Willamette valley is an amazing place to call home. I help both buyers and sellers get involved in real estate transactions, can I help you?
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