100% financing (0 money down)
Has anyone had any experience getting a 100% loan (0 money down)? I am a new attorney and just learned about a loan some banks will give to doctors, attorneys, etc. who are buying their first home. They will give 100% financing at a slightly higher interest rate.
I am curious to hear everyone's thoughts and/or experiences with that type of loan.
Thank you!
Most Popular Reply
I used a 0% down loan for my first property. Highly recommend if you can swing it. You will never find another loan product that great and you can only use it once - for your first home. As long as the rate is not absurdly higher...go for it. You can always refinance if its not a great rate. Keep your cash for the next deal.
For reference, I used a USDA loan which most people think is for rural homes but if you look at the map of what is USDA eligible you can find some pretty cool spots. My first house was 4 miles from the center of Raleigh in a good area, nice neighborhood (townhomes 330-400k, single-family 600-750k) and backed up to a golf course.
- Kit Serrell