Posted by Ed Garcia on June 28, 2001 at 09:35:24:
Rebecca,
You don’t tell us where you’re located. Anything is possible. It’s a matter of finding a motivated seller and structuring a deal. When you say that you currently have about $35,000 in equity, we don’t know for sure if that is lendable equity, there is a difference.
Example:
House is valued at $100,000, borrower owes $70,000, borrower has $30,000 equity. Not necessarily so. Lender may only lend 80% LTV to that borrower on a CASH OUT.
Example:
House is valued at $100,000, borrower owes $70,000, lender lends 80% of the $100,000 which is $80,000 minus $70,000 owed, borrower has only $10,000 available new cash.
Rebecca, there are many things you can do, but I need more info to advise you. I’ll give you some hypothetical examples since I don’t have enough information.
- Borrow the down from your existing house.
- You and your dad buy the new house as partners, you being the owner occupied
- Have your dad buy your other house, and then sell it back to you at a later date so that you can go owner occupied on the new home, and perhaps get 100% financing
- Get the seller to carry back the down, etc.
Rebecca, there are so many more available ways a deal can be done, I’m just giving you some food for thought to get you thinking.
Ed Garcia