Having a home is a dream which all people have from a very early age. Unfortunately, that dream seems to have become like a mirage for many of them because of the financial crisis which hit the world in 2008. What we are witnessing now is recession, inflation, unemployment and low salaries. It definitely does not seem very optimistic but it is a fact, it is the reality!
All which has been said so far probably does not give you much enthusiasm and hope that you can have your own home. But there is some wonderful news of course- actually, you can purchase a new house or apartment right now at extremely good terms and conditions. Are you wondering how it is possible? Well, we owe it to the 100% home financing!
It would not be surprising if you had not heard of it as it is not a very popular way of getting money which you can use for a new home. But you should not worry because you are going to be provided with all information which you need right now.
The first, and probably the best, thing about the 100 per cent home financing is that you do not need to have the money, even a small part. Yes, it is not a cheat- you could have no money but still get full financing for a new home no matter how expensive it is. You must admit it- that is really impressive!
However, there is something else which is extremely important for the procedure of 100% home financing. I am talking about your credit score or still known as credit rating. You need to have at least 720 points otherwise you will not get financing for a new home, or it will not be 100 per cent financing! Actually, the points which you must have is not a constant and it depends on the state in which you live. For example, in some of the west states, your credit rating could be 680 points and you will still be approved for full financing for a new home. It is not a good idea to make attempts of cheating as your financial status and the place which you lived in for the last 5 years will be examined really thoroughly.
Basically, that was everything which you need to know about the 100% home financing. There is no doubt that you will be extremely satisfied because it all happens just as easily as it sounds and the best thing is that you will not have to have mortgage insurance and there will be no impounds also!