Mortgage Land Prosperity

With the current “mortgage meltdown  we hear so much about these days, your average consumer thinks that the days of 100% finance have gone by the wayside. True, you are hard pressed these days to find a bank or lender that will poverty to circularize a second mortgage that combined with a prototypal mortgage adds up to 100% financing. That’s because if there is a default, sitting in second lien position is particularly dicey. Too much venture is involved. And since, in recent history, that scenario of the 80/20 combo was the most common 100% finance vehicle available to a certain assemble of consumers (non prototypal instance homebuyers), there’s a misconception out there that 100% options are every but dried up.

But, a-ha! There is hope for someone who has enthusiastic assign but prefers to invest his/her assets elsewhere when rates are so low. It’s titled the Flex 100. And it crapper apply to purchases and refinance transactions.

I heard an analyst mention on television the another day that mortgage money is so cheap right now it’s like a sale at Macy’s. That made me chuckle, but it’s true. In which case, why not invest your money elsewhere if you remember for 100% financing. After all, the homes are still appreciating in most areas, but not at the stellar rate we saw in the past.

The Flex 100 requires you to invest $500 of your own cash towards the transaction, so I guess it’s technically not 100% financing, but it’s pretty shucks close. And no, you don’t have to be buying your prototypal home to get this deal. You crapper actually have owned a home in the past three years! However, it does apply to finance your primary residence only. You can’t get this care for that nice cabin in Gatlinburg you poverty to use on the weekends or for that enthusiastic rental down the street you think you crapper get a beatific care on. You’ve got to live in the house to remember for this financing.

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