Palm Beach Real Estate and Loans

Before we go over the GOOD vs BAD parts of the 100% Home Loans I want to discuss the availability of this particular Mortgage.

A lot of things have changed in the Mortgage Industry in 2007 - the subprime mess at the beginning of the year is still on everyone's mind.

You'll see and hear different Palm Beach area mortgage companies advertising that they "STILL HAVE" 100% mortgages as if they were something special - uhhhh, not quite. Virtually all mortgage brokerages still offer the loan, however the requirements to qualify for the loan have tightened up a bit.

Now, here's the important part: Who is the Mortgage good for and who is it bad for?

Keep in mind, I'm not talking about an exact science here, I'm going to discuss the 2 extremes - every borrower will fall somewhere in between.

A 100% mortgage is good for someone who HAS reserve cash but would rather NOT lock that money up in real estate. I'm talking about a disciplined investor who will use the extra money to make even MORE money - someone who needs their money available if a good investment comes along.

(Another person this would work for is someone that is going to be getting a sum of money in the near future, money from a relative when they hit a certain age, etc. BUT unless this a guarantee, I would not recommend taking a chance.)

Now we come to the other side of the coin - someone who needs to borrow 100% of the purchase price because they have little or no savings and nothing on the immediate horizon. I'm not trying to be mean, but if you are in this situation you can not currently afford to buy a home! Wait - as hard as that might be - put some money away and think about a purchase when you are more financially secure.

You want to enjoy a new home, not be stressed every month when you're wondering if you can pay the mortgage or not.

Feel free to contact me at any time with your purchase money mortgage or refinance questions-

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