Posted by Bryan on January 10, 2002 at 17:57:49:
Looks like you can use your partners 75K as a downpayment and you can get your half from a bank with some conventional financing. A bank would be crazy not to lend you the money with a FICO of 740 and essentially a 50% downpayment on a house that is worth that much…just a thought…
Newbie–1st deal–financing question - Posted by Catherine Pringle
Posted by Catherine Pringle on January 10, 2002 at 13:58:57:
Hi,
First of all thank you to all of you who are so patient and generous with your time and knowledge for people like me who are new to this exciting world.
My friend and I have found a rehab and know that with just very minor work - paint; that we could make $30-$50K on it. Here’s the situation…grown kids selling the house for the mom who went to a nursing home. Mom owns the house; bought it in the '60’s and wants the $$ to move to assisted living. The asking price last fall was $214K; the price today is $164K. We’d like to get it for $149K, paint it and turn around and sell it. There is a mortgage with about $70K left and is not assumable. Plus there is a small home equity loan outstanding ($6K). The seller won’t assist in the financing.
So my question is: is there anything creative we can do here? My partner may be able to get $75K from a relative for her half but I have no such relatives. Would I be able to borrow $$ somewhere? I have a FICO score of 740 and don’t own a home.
Thank you in advance for any thoughts or guidance on this.
Catherine