 Does adding a pool to you home raise the property value? |
Not an above ground pool.
Additional Details
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I am in need of some help. With all that's happening in the real estate market, my husband and I are thinking about purchasing our first home in about 6 months. I have several questions.
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I Love To Be Hated | Is It Possible To Get A Mortgage For 100% Of The Property Value? |
Thanks
Additional Details
I am based in the UK....Most answers seem to be more US related...... |
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Gem
 |
If you have the cash assets to back up the loan, maybe.
If you are willing to get with a shady mortgage broker, possibly falsify documents, agree to PMI insurance, escrow insurance/taxes, pay exorbitant fees and take an ARM that will adjust to 12-20% in a year or so, then maybe.
Loans for 100% of the property value is a big part of our current problems.
But, as there are suckers born every minute, there are also thieves dressed in suits, willing to steal from the suckers and destroy their financial futures.
Good luck |
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C B
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It is unlikely at the moment certainly in the UK. The banks are being much stricter with the rules and it may be difficult to raise this percentage any more.
You could wait 2 years or so but save the money you would otherwise have spent on the mortgage so that you have a deposit at least.
Good ;luck |
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laura
 |
no, min of 10% deposit at the moment as far as im aware. Im from the UK |
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Peter W
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UK december 2008 - no chance...
lenders are all expecting property values to fall - so they will not lend on todays value - as it will be less tomorrow. they just won't take the risk
you will be lucky to get 80%
the higher the value loaned - the higher the fee and arrangement costs will be. |
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WelshLad
 |
I very much doubt it. |
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I Buy And Sell Houses
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Not that I'm aware of. (Despite the one answer referencing a Georgia bank.
If you qualify for a VA loan, that's a different matter.
Otherwise, the best you're likely to do is a 97% (in January, 96.5%) loan with FHA.
It's possible that your state has some state-sponsored program, especially programs for first-time homebuyers. So check with your state to determine whether there's anything there.
Also, in general, check with a good mortgage broker for more information. |
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Homer
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Thats a negative.
Lenders use to give out such stype of loans, 100% equity, some even provided second mortages to cover closing cost. Unfortuantely this blew up in their faces, and are now bleeding billions from these loans defaulting. They figured out, that if the owner has no equity invested, they can easily walk away from it without remorse. Go figure. |
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Matty2tan
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Yes, it is possible..the most obvious way is to get a VA loan..however, if you or your spouse aren't veterans, it may be asking too much to enlist! The next best way is to try regional banks. In Georgia, Colonial Bank is underwriting 100% financing. Good credit scores (720 and up are required though, if you have low credit scores, it's almost impossible.) See if there is a NACA program near you-it's an arduous process, but it is 100% financing, and they have credit counseling to alleviate lower scores. As a bonus, they subsidize interest rates too. Check out state grant programs-Georgia has the Georgia Dream program, that offers an interest free loan for a 3% down payment, which doesn't have to be paid until you sell the property. Good luck! |
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Patty D
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Only VA or USDA (rural area) loans. |
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BARRY B
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Not any more. |
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Real Estate Guy
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I would help you said you were in the UK in the original post. |
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