Posted by Ryan on December 19, 2000 at 08:27:29:
YOu may want to ask ED Garcia about this collateral issue. The likelyhood is that the lender for the multi-unit bldg will ask you to take out a second on your own home to finance the down payment unless the seller is willing to take back a second. Also a lender acually gets no cash at closing in the collateral situation. Basically you are telling the lender they can have some form of a lean against your property if they finance the multi-unit 100%. This would be hard to get even for someone with good credit. Ed might have some ideas.
Concerning the 100% loan for your own home, these require real good credit but you are more likely to get a home loan with little down using an FHA loan.