Every day someone asks me if anyone can get financing to buy homes any more. I usually answer them by telling them that they need to quit listening to all the doom and gloom in the media. Then I answer them, that yes, buyers can still get financing.
Although the number of mortgage companies that will finance 100% of value has diminished, there are still some programs in Hutchinson with 100% financing available to qualified buyers. We are in a Rural Development Area which means that buyers who have qualifying incomes and a FICO score over 620 can still obtain mortgages up to 100%.
Also we are seeing more activity in FHA loans because they only require a 3% down payment and they also require a lower minimum FICO score.
Between the State of Minnesota and our local Hutchinson Housing Redevelopment Authority, there are numerous assistance funds available. Some of these programs are for down payment assistance (up to $15,000) and others are for monthly payment assistance. All of the assistance programs are conditional on the buyer’s qualifications.
So, favorable financing options are still available.