100% Financing on your new home purchase may be a thing of the past… it was not so long ago where virtually all home buyers with mortgages had to put 10% or more down in order to gain the mortgage. Up until recently, things had changed. Increasing numbers of home buyers were getting 100% of the purchase price in mortgages, with no money down at all. This had led to record numbers of home owners with no equity in their homes, and combined with the recent low rates in Adjustable Rate Mortgages, also a record number of foreclosures now that rates have started to rise.

Our advice today? Save up for a decent deposit on your home purchase. Clean up your credit score, and reduce your debt load. Without these things well in advance of the purchase, financing will be difficult at best for sub-prime borrowers. Get your home purchase budget in order. Even for people with good credit scores, high income levels, and reasonable debt to income ratios, 100% is tougher…

Call us today, and visit Personal Mortgage Brokers for useful information about getting your purchase financed.