100 Percent Financing?

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My Father and I are going in together on a home. He is 47 years old with a mid credit score of 776 and I am 22 with a mid score of 670. My mortgage broker has informed me that we qualify for just about any type of financing we are interested in. I am going with 100 percent financing on a $ 170,000 dollar home. What kind of interest rate would be the best possible rate I should be looking for with such good credit? I am currently living in Great Falls, Mt if this matters! Also I will be purchasing a two to four unit home in order to have that extra help with my Mortgage payments as so not to fault as so many have been recently! Oh. . .and I am not going to put a down payment on my home. Nor am I considering it, I do have the money, but I am keeping it tied up in other more profitable ventures and can be used in need of emergency! So please do not lecture me on what I am doing wrong I simply want to know what the best possible rates on this loan would be. Thanks y’all!

  1. Reply
    May 1, 2011 at 4:03 am

    this is a must make sure the interest is a fixed rate and make sure its not an interest only loan where you only pay the interest for so many years and then the cost jumps up high when the regular payment is tacked on to it alot of people have gone with this and ended up losing their home
    i would expect to get a 5 or 6% interest loan because you both have good credit

  2. Reply
    May 1, 2011 at 4:11 am

    U asked for my advice – I believe.

    Or specifically what rate.

    If u can get 100% which I dont think u will, expect to pay at least 7% minimum.

    Home equities are running at prime plus lately (8.5).

  3. Reply
    May 1, 2011 at 4:16 am

    Since it is investment property, you’ll be in the 7 to 9 percent range…And I agree with a previous answerer that you probably won’t get 100% financing…

  4. Reply
    May 1, 2011 at 4:54 am


    You have excellent credit, especially with your dad co-signing, but you will just have to shop around and see what interest rates your lenders are providing. Suggest you go online and check all the major lenders and some of the smaller lenders in your area, find out which offers you like and go from there. Many banks and credit unions post their rates online.

    Always read the fine print — don’t get stuck with a varible rate loan unless you plan on selling out quick.

    This probably isn’t the best place to be asking for the going rate . Any offers from this forum would be suspect, as I would think it would violate the guidelines.

    Regardless, best of luck.

  5. Reply
    May 1, 2011 at 5:24 am

    If this is going to be your primary residence, with the other unit(s) to be used for rental, then an FHA loan could get you in with no down payment and net you a rate of around 6% right now.

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