It’s Ba-aaack: Return of the 100% Mortgage
Posted by Bill Mann on
Some of Coastal Delaware’s wealthiest buyers may be getting a mortgage without putting a single dollar down. And we aren’t talking about single-bedroom fixer-uppers, either!Â
It's called 100% financing, and, at first blush, it looks suspiciously like a version of the strategy that sent the economy reeling in 2008. But lenders feel that well-heeled Rehoboth Beach residents who are getting a mortgage through these programs are totally different. How so? you may ask.Â
For openers, these loans are offered only to the super-qualified: those with serious investment portfolios they can use as collateral. That means getting a mortgage with zero cash for the down payment. That can carry an additional tax benefit, since the borrower won't have to pay a…
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