As the mortgage market has matured and grown it has become possible for consumers to actually raise 100% of the purchase price of a house as a mortgage, believe it or not we actually have access to some lenders who will lend 105% of the value of a home.
To qualify for a 100% home loan the credit criteria to be meet is more stringent than if you are putting a deposit down on the property. Lenders prefer joint borrowers with both applicants working, however single applicants on a strong income will be considered. All borrowers must have a squeaky clean credit check. Additionally it is expected that the borrowers will have little to no other debt, (as a guide no more than 10% of your gross income in other total debt). |
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