100% Financing is Still Available

There is no doubt that many changes have occurred within the mortgage industry over the last year.  One of the major guideline changes has been the virtual elimination of 100% financing.  This, of course, is due to the increased risk associated with this loan to the banks.

There are loan programs which still allow 100% financing.  The most common are: VA loans and USDA loans. 

USDA is a traditionally rural development loan, however many counties within NC qualify for this program.  Eligibility is subject to the specific property. There are many benefits to this loan including:

*Low credit score requirements (620 minimum)

*100% Financing with NO Mortgage Insurance (PMI)

*Aggressive Interest rates (similar to conventional rates)

*Alternative tradelines accepted

VA Loans are reserved for military personnel and you can read more about this product at Government Loan Programs.

There are other types of 100% financing programs available through SunTrust such as a grant program through NC Housing as well as a doctor program.

About SunTrust Mortgage

SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Banks, Inc. - a $179.1 billion institution making it one of the largest and strongest financial holding companies in the U.S.  Currently, SunTrust Mortgage, Inc. originates loans through 202 locations in SunTrust markets and neighboring states, maintains correspondent and broker relationships 49 states and services loans in 50 states and the District of Columbia.

The core mission of SunTrust is to help people and institutions prosper, provide financial services that meet the needs, exceed the expectations, and enhance the lives of our colleagues, clients, communities, and ultimately our shareholders.

SunTrust Mortgage, Inc. was ranked Highest in Customer Satisfaction in a recent study conducted by J.D. Power and Associates that evaluated the top national mortgage lenders on their origination process for first mortgage loans.