me and my husband bought a house from an auction!?

Question

me and my husband bought a house through an auction but the only thing is coming up with the down payment is about 12 thousand dollars can anyone tell us where we can borrw the down payment thank you

Answer 1

For the most part, you aren't allowed to borrow to come up with your down payment. However, there is an exception. If the loan is secured against some asset, you can borrow the funds.

As long as the loan is secured, you can borrow for your down payment. If you own a car free and clear, then get a loan from your credit union against the car, that is an acceptable source of funds. If you have a stock portfolio and borrow against it, that is also an acceptable source of funds.

Of course, the payment on the loan is counted as one of your obligations when calculating your debt-to-income ratios.

A cash advance against your credit cards is not a secured loan. Therefore, it is not an acceptable source of funds. Neither is a signature loan from your credit union. Neither is a loan from your friend or family member. The loan must be secured against some asset you own.

Answer 2

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RE :Me and my husband bought a house from an auction!?
me and my husband bought a house through an auction but the only thing is coming up with the down payment is about 12 thousand dollars can anyone tell us where we can borrw the down payment thank you
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Answer 3

Wow, why would you buy a home if you did not know where the down payment would come from. And now you want someone on here to tell you where to get 12k! You really thought this through huh. Keep watching those home flipping shows on TV, they tell you everything. Oh yeah except all the important stuff like getting the money. Usually at auction you have to bring a certified check for the down payment, how did you get around this?

Answer 4

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RE :Me and my husband bought a house from an auction!?
me and my husband bought a house through an auction but the only thing is coming up with the down payment is about 12 thousand dollars can anyone tell us where we can borrw the down payment thank you
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Answer 5

I am wondering if there is a way to get out of this. When buying a house through a realtor you get a 10 day inspection period. You can cancel for many many reasons. (Problems with the house, neighborhood schools etc) Get a home inspector. When he finds something wrong-which he will- you can get out of the house.

In my state there is a program to help first time homebuyers. It provides some of the closing costs and downpayment.

It sounds like you need some serious help with understanding the whole homebuying process. Ask someone who knows more about it.

Answer 6

wait wait wait wait......

back the hell up.....

you got a house at acution. Why do you need 12K? did they finance it? Is the seller the financing company?

You answered your own question, you cant. No lender is going to go behind (second mortgage) to this company. Usually its a scam, but a legal one. If you can pay the 12K the house is yours, with the terms they gave you.

If you cant. You are screwed. Mostly likely they have sold the same house 12 times. And they just start a lawsuit against you. I not trying to say you were wrong, but you are wrong. They dont want you to pay the 12,000 they just want to sue you.

No lender will give you the money to cover this. Just please have the money. If you dont have the money you shouldnt bid. Sorry but thats your future.

If you cant pay them today for the mortgage.... im sorry you are screwed. But that was your choice.

Answer 7

Uh, you bid on a house at an auction, and don't have the money? Not a real good plan. Most of the time, you're required to show proof of a certain amount of the money before you are even allowed to bid.

You could check with your parents and see if they'll lend it to you.

Answer 8

call cash call!!! just make sure you pay it back as soon aspossible because the interest rates are freaking ridiculous on thise cash loans. there's no prepay on them either. just find a way to get the money. how could you put a bid on a house and not have the down payment. call cash call right away. 24 hrs straight to your checking

Answer 9

There are several options you have. You can go to a local bank or credit union in your area and talk to a loan specialist. Or you can do online shopping. Some of the neat lending websites are;

http://www.bankrate.com/
http://www.lendingtree.com/
http://www.ditech.com/index.html

I'm sure there are others, but those three should give you a really good deal and they are happy to help you out.

There are a lot of options available for you. Just be sure the loan you get is the right loan for you.

Answer 10

Almost sure that you must find many financial solution at: loanhome.info-

RE Me and my husband bought a house from an auction!?

me and my husband bought a house through an auction but the only thing is coming up with the down payment is about 12 thousand dollars can anyone tell us where we can borrw the down payment thank you