How does 100% financing work for buying a home? Good idea?

I am a teacher. I was reading my union newspaper and I see a lot of mortgage/lending companies that offer such things as 100% financing and low interest rates. Is this something worth me considering to buy a home?

Also, I am married and my husband works as well (he’s not a teacher). I do have student loan obligations and a few credit card bills and little savings. We are currently trying to better our financial situation and save more.

We are moving to a new place in the next 8 months (rent or buy- whatever we are able to do at the time). If we rent, I know the payment will increase by 300-400 a month since we are getting a bigger apartment. If we can get a mortgage, then I really don’t know….. Anyway, help me out?

Tell me to contact a person with a yahoo email address and say they got a great loan with a 2% interest rate. Does this seem like a scam? Here are some of the replies..

“I am Joy Anderson i was in need of a loan of $ 100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com”

“I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can’t say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, john108023@yahoo.com.hk Thank you Mark!!

Yours Truly,

T Matthews Sr.”

Here is one from him himself…..
“I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I’ll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don’t feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I’ll do my best to help you out in your bad finances situation.
Regards,
Mr. John Clarke.”

It just sounds fishy to me. I’m looking for a home equity loan or 2nd mortgage to help pay off some medical bills and for some extensive dental work for my son. Would also like to have some in savings for emergency. My wife and I have a low credit score due to a injury about 4 or so years ago and not being able to work. Most of our income go towards helping our son receive services to help him succeed as he has a disability. I am now back to work and my wife continues with her job as a teacher. We also have our house paid off in full and have no credit cards. The only debt we have are some medical bills.
It just seems weird how some people have replied with a few different email address about this guy in my other questions. I guess if I read the paperwork thourougly and have a attorney look at it I should be alright if legit, correct?
Thanks for the answers. I emailed the person with a email address I just created. It is someone from nigeria asking info such as name, address, phone number, and ssn if applicable. It is a total scam for sure. I also read other questions on here similar to mine with the same sort of responses. If it sounds to good to be true, it usually is! That’s kind of what I figured but thought it was worth asking. I’m going to talk to my local bank, explain my situation, and hopefully they can help or point me in the right direction.
Thank you everyone!
The name of this guy’s company is…
Clarke Loan Firm located in Nigeria. Millions of spammers from there!
Here’s a link to my original question if anyone is interested…….

http://answers.yahoo.com/question/index;_ylt=AlrCA7GWy7HTSNzeEl7kTHvsy6IX;_ylv=3?qid=20090611233627AA801O6

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