Posted by D-weezie on March 29, 2001 at 21:07:17:
I am somewhat confused as to why you need to borrow the DP capital with the income you make. As a loan officer, I would question why if your income is so large and your only looking for 75-80% financing, why not convince the seller to hold a 2nd. Are there credit issues behind your question? A broker should be able to convince a subprime broker to give you a 80/20 loan. 80 percent lender and 20 seller. (no money down but closing cost) That is if you are going owner occupied, but even non-owner occupied (rental/investment property) you can get 80/15/5 (80 lender, 15 seller, 5 you) have your parents give you the money as gifted funds. Do your deal . Make it happen
Hope this helps some
Borrowing a down payment for no money down - Posted by Ryan
Posted by Ryan on March 29, 2001 at 12:22:59:
I posted this in the main news group, but I figured you guys could help…
I have a question about financing. I would like to buy a property (as everyone would) with no money down. I figure that I can qualify easily for a 75-80% loan on a property. I make about 100k per year and have a monthly car payment debt of about 1k. I live at home for free, which is very convenient! My parents have about 200k in equity in their home. I was thinking that I could borrow the down payment from them, by having them refinance or take out a home equity loan. I would pay the payments for them and pay back a slightly higher interest rate to make it worth while for them. Would this work?