Updated over 3 years ago on . Most recent reply
100% Financing in Today's World
I'm currently on my journey to looking for my first deal as a newbie and having initial funds is currently a challenge. I have around $20k cash but I want to save this money for the rainy days on the property. I'm looking at properties in the 80k to 130k range. Hence, I became very interested finding someone who offers 100% financing at 6%. Not sure yet if they will also cover rehab costs.
I've checked the forum and the Internet and it seems that 100% financing is very rare and could be a hidden gemmed resource for people like me, but I am worried about the things I do not know yet. Is there something I need to be careful about? Is there something I need to prepare? Are there special processes or requirements that I need to meet first? Should I even consider 100% financing or should I simply find a way to increase my cash first? What risks you do see with 100% financing over "conventional" ones?
Any thoughts and insights are appreciated. Thank you for the help.
Most Popular Reply
Check out USDA / RD loans.