Paying Cash For House

[Pamster]

undefinedWhat is the name of your state?Florida If I pay cash for a house in Sarasota County...Can I (if I qualify) get a mortgage on it in the near future, if so do banks, mortgage cos. finance for 100% or less??? I am trying to expediate a closing by paying cash. Thanks.

 

[JETX]

"Can I (if I qualify) get a mortgage on it in the near future"
*** There is no way that anyone here can answer your question without a detailed review of your financial history. I would presume though that if you have a property fully paid for, SOMEONE will loan you something on it as long as you agree to put the property up as collateral.

"if so do banks, mortgage cos. finance for 100% or less???"
*** Usually less. The lender will want to make sure that you have some equity at risk in the event that you decide to move on.

 

[HomeGuru]

Weird questions.

 

[Pamster]

paying cash for house

Florida WEIRD ANSWER???

 

[nextwife]

UNless you are a qualifying Veteran eligable for 100% VA financing, it is unlikely you can finance 100% LTV anywhere. A lender will generally want no more than 80% LTV, or will loan more by adding PMI. Now, if you are buying well below appariasal it MAY be possible to finance 100% of purchase price, if that comes to 80% LTV. But financing depends upon qualifying.

 

[HomeGuru]

But financing depends upon qualifying.

**A: that is the key.