100% finance for a house

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100% finance for a house

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gage_9b

Posts: 3
Joined: 8/3/2007

100% finance for a house

I would be trying to do the loan in my name only however my fiancé of 10 years would be a 2nd income (has a recent judgment so not putting her on the loan).

I have about 7 years history in my line of work.

My credit score is about 660+. No BK. No charge off. Income is 63k before taxes. But I do have about 400 - 500 monthly debt. 1 car payment, student loan debt and some CC debt that make up that 400+.

I have not owned a house in 2+ years so I am told I may be considered a first time buyer again.

I would like to finance 100% and I am looking at houses right around 300k.

If someone would like to take on this challenge or can recommend someone please let me know.

Thanks!

Report Abuse | Date 27/3/2007 4:51:57 PM

darren95al

Posts: 2
Joined: 10/3/2007

RE: 100% finance for a house (in reply to gage_9b)

With a monthly income at ₤ 2250 you're going to want your total payments at or below 1/3 of that amount if possible. There are definitely programs that allow for greater ratios, but you have to keep in mind how much that is going to cost you. A ₤200,000 loan is going to run you right around ₤1,000 (Off the top of my head) and that wouldn't be including taxes and insurance. While you may *have* that 2nd income, if she's not on the loan it wouldn't be something you could use to qualify for. You may visit
wantedpronto for mortgages, secured loans, remortgages. It’s a revolutionary new way for people to get quotes for anything they want.
There are no ratio programs that wouldn't require that you document your income, but that is usually going to require money down and is going to be a nominal rate.

Report Abuse | Date 29/3/2007 8:29:04 AM