Just a question - Posted by sam

import · April 3, 2003, 9:41am

Posted by Stacy (AZ) on April 03, 2003 at 10:49:49:

Sam, it’s none of the seller’s or realtor’s business how much you will put down (as in downpayment on a loan). It’s private information, and they have no right to know this. However, if you meant how much earnest money you will pay, you simply enter the amount of earnest money you will be paying to make the contract legally binding.

import · April 3, 2003, 9:41am

Posted by sam on April 03, 2003 at 10:41:08:

I have a mortgage broker here in Illinois that offers investors non-owner occupied loans to 100%. It’s an 80/20 program.
My question is on the contract when the Realtor asks how much are you putting down what do you tell them since in reality I know it’s zero? Does it really matter?

Thanks,
Sam

import · April 3, 2003, 3:08pm

Re: Just a question - Posted by Doug (IL)

Posted by Doug (IL) on April 03, 2003 at 16:08:26:

I am also in Illinois and am just trying to get started.I would really like to know what mortgage broker is offering non-owner 100% loans.Thanks in advance for your help.

import · April 3, 2003, 9:52am

Re: Just a question - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on April 03, 2003 at 10:52:28:

It doesn’t matter. You can leave it zero or nothing in the blank for a default zero; read the contract to be sure there is nothing to say contrary. Some financing clauses are outdated with creative deals being done where sometimes people get in with nothing out of pocket except a home inspection expense.