Posted by John Prudhont on May 29, 2001 at 23:08:39:
Hi Andrew:
There are many different ways to structure a 100% or $0-down payment loan. Examples: 75%/25%, 80%/20% lender financed either full documentation or “Stated Income” loans. These “lender financed” deals typically need a better credit profile than “hard money” vehicles. Hard money investors will frequently lend up to 70% or 75% of the value of the property if you can put together a seller carried 25% to 30% 2nd. The “Hard Money” lenders typically do not care much about your credit history as they will have a strong equity position in the event of a default by you.
I would be happy to help you with structuring a low out-of-pocket deal for you.
Warmest Regards,
John Prudhont
President and CEO
JMP Financial Group
No down payment - Posted by Andrew
Posted by Andrew on May 29, 2001 at 02:04:58:
Is it possible for someone to buy a house with no money down by getting a loan for 80% if the seller is willing to carry 20%. Do lenders let you do this? What about if you have bad credit? I hear about these 75/10/15 loans but i was just wondering if this could be done 80/0/20 with no down payment to the buyer.
Re: No down payment - Posted by Jim Upchurch
Posted by Jim Upchurch on May 29, 2001 at 08:44:25:
Andrew -
It is indeed possible and very easy - even with bad credit.
There are several sub-prime lenders that allow 100% CLTV.
Please email the details if you would like me to help.
Good Luck…
Jim Upchurch
Re: No down payment - Posted by nmdman
Posted by nmdman on May 30, 2001 at 14:23:35:
Jim or John or… ,
I’m looking at an opportunity on a a $60K investment property and would like to hear how I might be able to structure this deal with very little or no money down.
The owner is willing to take back a second of maybe $10k, owes $38k, and wants at least $12k cash in hand.
Do you have any real lenders out there that would put together something like this for me with reasonable rates?
Thanks,
Hugh