We already have one rental house and are doing really well with it, and have decided to get another one. The first one we were able to get no down payment because we were first-time buyers. How do I do it with no down payment now? Thanks!
2007-03-09 15:15:35 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
depending on your credit score. you can get 100% financing and ask for seller concessions on your purchase agreement that is up to max 6% this will cover all closing cost. therefore nothing out of pocket to you. see it all the time. in the biz amstar-royaloak.com glen ext 10 if you need advice or email me good luck.
2007-03-09 15:44:51 · answer #1 · answered by amstarlender 2 · 0⤊ 0⤋
Actually, that's not difficult. What happens is you actually take a second mortgage. You get two loans, essentially. Usually it's called an 80-20 loan. The 20 is the 20% downpayment. The 80 being the normal mortgage. That loan at the higher quantity will charge much less interest, say 7%, while the 20 loan (down payment) will charge much more, say 10-16%.
2007-03-09 15:25:13 · answer #2 · answered by cyanne2ak 7 · 0⤊ 0⤋
Find someone, like yourself, renting a home and ask if you can sub-lease it. Yokels out in the country usually don't care, and just want money in their pocket. Thank them and set about advertising it for rent at $50-100 over your lease terms. Profit.
2007-03-09 15:22:35 · answer #3 · answered by Jason h 2 · 0⤊ 1⤋
counting on your profile and the fashion of documentation you come back to a determination to furnish, you will get carry of a 95% CLTV for as much as 1M money. touch me promptly in the journey that your fascinated interior the agency.
2016-11-23 18:34:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can use the other House as collateral
2007-03-09 16:48:56 · answer #5 · answered by ? 6 · 0⤊ 0⤋