Looking for a lender who can give me 5-10k towards buying a home for down payment purposes. My credits not the best and can't afford the down payment up front.
2006-12-16 03:20:38 · 5 answers · asked by dsa_504 1 in Business & Finance ➔ Renting & Real Estate
You can't really use a loan (properly) to come up with your down payment. Loans have to be disclosed by law. SA realtors answer is correct. However, you are limiting yourself about lenders for that down payment. Look at your state agencies/local agencies about downpayment assistance. There are quite a few programs that assist with purchases to lower income borrowers/purchasers that need the downpayment. If <10k is all you need, you should also be able to start saving toward your downpayment. It may not take as long as you think, if you are truly disciplined and diligent. Good Luck!
2006-12-16 05:06:17 · answer #1 · answered by MJ 4 · 0⤊ 0⤋
Actually, you need to find a mortgage broker who can set up both the first and the second. If you have already found one to qualify you for an 80% loan, thinking that you will have a 20% down payment, they are expecting you to have that money yourself. You cannot borrow it.
For example. Let's say the house is 50K. They've qualified you for a 40K loan, expecting you to put in 10K. If you go and get a 10K loan, you'll probably only qualify for 30K now from the first lender - or nothing at all.
Set the whole thing up through one lender.
2006-12-16 04:12:09 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
i believe that they take the uncomplicated or midsection score. study remaining expenditures, some are very severe and some are decrease. As with the prices , larger cost, decrease remaining expenditures and visa versa. ascertain you look on the completed quantity financed. examine all the prices and ask, why d I even could pay this, if some thing doesn't look precise. i imagine my loan guy tryed to slip in some hidden prices because I were given a large cost first then informed him i'd in effortless words a million,500 in remaining prices than the 4,500. Take it or go away it, huh? in spite of the undeniable fact that it truly is my funds and that i artwork flat out for it. I worked with 3 loan human beings and informed all of them that i develop into. I informed them whoever gave me the perfect deal may earn my employer. As, one did. sturdy success, buddy. you ought to be able to purchase a large abode now with the housing market contained in the bathroom. in case you flow to Las Vegas, the houses there at the instantaneous are dirt inexpensive, human beings bought them for too a lot about 2 years in the past. i recognize this because my mom bought a house with an increasing activity cost and she or he will be able to't refinance because the abode has lost value. She says many human beings in her community have left their new houses. She lives in a large abode in a sturdy area.
2016-11-26 22:39:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hey friend ....
OK credit score...there is no harm in that ..we provide loans to all...have your home refianced from us ...for more information write to kishaloy_bhowmick@yahoo.com
regards,
kish
2006-12-16 08:36:48 · answer #4 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
Just fill it up with extra gifted money! Check it out...
2006-12-16 03:23:35 · answer #5 · answered by sims2films 1 · 0⤊ 0⤋