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Posted by: gr8sk8rgold on 2010-09-08, 15:02:25
There are some lenders who are willing to do this, however I'm certain you'd have better luck if you were seeking a refinance with a sizeable amount of equity and great credit, as opposed to buying a home with nearly no money down. That said, you will need to educate yourself before asking for a loan or even filling out an application. You will need to have good credit, proof of income, and some cash for a cushion AFTER you have paid all expenses for the loan or purchase. I must reiterate you will need to pay expenses such as closing costs, points, etc., but you STILL need more money for an emergency cushion should you lose your income, etc. AFTER you have closed the deal. I doubt that you will have an easy go of it however, there are lenders who are still lending with high loan to value ratios/ HLTV. You will need to go not to your local bank, but to a loan broker who has the ability to "shop " various lenders, thereby getting you a deal that will satisfy your needs. |
