100-Percent Financing from Weichert Financial Services

First-time buyers now able to purchase
RISMedia
43 percent of all first-time buyers purchased a home without putting any money down last year, reported in Barron's magazine, says Fred Watkins, president of Weichert Financial Services, an affiliate of Weichert, Realtors.

"Buying without a down payment is increasingly common. Given today's highly favorable buyer's market, taking advantage of 100-percent financing can be the first step to accumulating equity while enjoying the many other benefits of homeownership."

Nowadays, Watkins said, lack of up-to-date information about financing is more of an obstacle to homeownership than the want of a down payment. He said, "Too many people are just not aware of the excellent 100-percent financing options available to them - and not at sky-high rates, but very competitive ones."

Typical is a young apartment renter who recently told a Weichert, Realtors sales associate that she would love to buy but couldn't afford to. A Weichert Financial Services mortgage representative, called a Gold Services Manager, followed up with her and found that she had great credit, but not much savings. Consequently, the Gold Services Manager was able to give her a mortgage credit approval for 100-percent financing. The very next day, the Weichert associate showed her town homes in her price range, and she made an offer on a property that was accepted by the seller.

At Weichert Financial Services, qualified borrowers can literally pick and choose from a wide array of no-money-down mortgages available at rates comparable to those offered by lenders requiring a 20 percent down payment. These include single loans for 100 percent of the purchase price and two-part loans consisting of both a first and a second mortgage. The first mortgage might cover 80 or 90 percent of the purchase amount, with the Second mortgage covering the remainder. While the second mortgage loan typically carries a higher rate, the borrower has the option of paying it off quickly, independent of the first loan.

Some 100-percent financing programs offer the option of bundling the closing costs into the loan, to make the home purchase virtually entirely cash free.

As a lender partner with Fannie Mae, Weichert Financial Services also offers 100-percent financing through MyCommunityMortgage(tm), a Fannie Mae program designed to help low- and moderate-income buyers realize their dreams of homeownership. The program makes it easier to qualify for a variety of highly flexible mortgage products that offer more affordable monthly payments than comparable mortgage loans. Certain restrictions apply.

Watkins added that no-money-down mortgages are not just for first-time buyers, but are increasingly popular choices for homeowners who prefer not to liquidate their investments and wish to use their home equity or savings for other purposes.

Watkins said, "Over the past 10 years, the national median home price has gone up 88 percent. The current buyer's market presents a real window of opportunity for leveraging 100 percent financing to invest in a home and secure your future."

More information on buying a home without putting any money down is available by contacting your local Weichert, RealtorsR office and asking for the Gold Services Manager serving that office. This financing expert can set up an appointment for a free consultation to help you determine if 100-percent financing is a good option for you.