10% down requirement - Posted by bill Jr

Posted by Mark Allen on April 07, 2004 at 05:54:43:

Who is this company in tx that will do 0 down deal.name address tel.please.

10% down requirement - Posted by bill Jr

Posted by bill Jr on April 06, 2004 at 18:11:21:

I have a sellers SFH valued @ 334K under contract for a purchase price of 240K. I talked to 2 brokers about financing and both have led me to the 30 conventional and 3-5 yr arms. The hang up I have is the 10% down they are requiring. “Can it be gifted? Nope. We need to know you worked to get it. You can gift the closing points and misc fees but not the down payment.”
Is there a way for me to get around this large problem?
I thought with this much equity I wouldn’t have to come up with 10%. I could tell the next broker that I plan on living in it but I’m told I’ll be looking at a 5% down commitment.
I’m in IL. so if anyone knows a broker who can help me with 100% financing I’ll be happy to give them a call.
I’ve made some calls for investors who wouldn’t mind investing the 24k for 28,800 due in 30 months with beneficial interest in the property as security but no call backs yet.
I’m open to suggestions. There is a lot of equity at stake.

Re: 10% down requirement - Posted by bill

Posted by bill on April 07, 2004 at 21:38:50:

Bill i’m In Illinois If your looking for lender in that area I know of One please e-mail me If interested

0% Down - Posted by Nocci01

Posted by Nocci01 on April 06, 2004 at 23:11:46:

Is this property for investment or primary occupancy? If you think you can’t get it as an investment…you’re wrong. I know of an investor in Texas that closes such loans all day long. As long as the property is in need of repairs, they’ll lend you 80% of the after repair value even if that includes the purchase price, repair costs, AND closing costs. Again, I only know of one investor that will fund this type of deal in TX. Oh, the rate is about a 6.5% (currently).