03 Jul 2022

Can first time buyers get a 100% mortgage?

First-Time Homebuyers

First time buyers are not as trustworthy as buyers that already have property and equity. While this is true, first time home buyers do have a lot of grants and programs that they qualify for that an older veteran home buyer does not. 

So, what is a 100% mortgage? This is a home loan or mortgage that is 100% financed. Usually, banks and lending institutes will not allow for this type of mortgage and keep it to a select few. There is a lot of risk for both the borrower and the lending institute. Without having some kind of deposit or equity on the line, a lending institute has no idea if the borrower can keep the end of their deal.

To have the best chance to qualify and approve a 100% mortgage, it is best to have everything ready. The higher a person’s credit score is and the lower their debt is, the higher chance they have at qualifying for this special type of loan.

Mortgage House experts are ready to assist in some instances and are knowledgeable about many different types of home loans, including no deposit loans. First time homebuyers have a lot of programs and grants specifically geared to them that can help, not including no deposit homes.

First Time Home Buyers and a 100% Mortgage Conclusion

No deposit homes are tricky, even for first time homebuyers. While 100% financing sounds wonderful, it can be a curse if not done correctly. Monthly repayments on these types of loans are expensive and can damage credit if a repayment is missed.

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