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The
100% financing loan is designed to offer home ownership opportunities
to borrowers with good credit but who lack the ability or desire to
make a down payment on a home. It provides an option for those who wish
to invest their savings in assets other than their home.
This
type of financing is popular among both first time home buyers and
experienced home buyers and you can use 100% financing for a purchase
or a refinance. The fixed rate loan is also available for construction
and home improvement of an owner occupied primary residence.
While
you are not required to make a down payment, you must have 3% in the
transaction. These funds are applied toward your closing costs and may
come from your own funds, a gift from a relative, grant, or sale of
assets you own.
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