Another Question On Downpayments

Comments(5)

• 
  TNTRASH30th May, 2004

  What difference would it make ? ALL money eventually goes to seller minus payoffs and costs

• 
  InActive_Account30th May, 2004

  Are you asking about an owner carryback, in order for the seller to cover the buyer's downpayment?
  
  If so, that downpayment money doesn't immediately come back to the seller unless the seller sells the note to a broker - or unless the buyer all of a sudden comes into a windfall...[ Edited by mandiland on Date 05/30/2004 ]

• 
  joefm2630th May, 2004

  I am seling a flip through tesame guys that I bought my rental homes through. When discussing the particulars of the deal, it worked out like this, 23.5k was the purchase price, about 4k will go into repairs and rehab, 2k will be cash back to the buyer and I will be paying closing costs of about 3k as well. As far as the down payment goes I will be paying that for the buyer as well which will be 5K on a sale price of 50k. now the way I figured it,I would just get back that 5K for the down at closing, but the way they are talking, that 5kis just gone to the lender. Does this make sense or is there something fishy here?
  
  Thanks

• 
  cholmes1st June, 2004

  You would have to tack on the $5K you are paying for them onto the sales price in order to get it paid back to you.
  
  Check out this down payment program. You pay a fee to this program to use it, they make the down payment and you make the 'donation' at closing.
  
  http://www.hartprogram.com/
  
  There are other programs, but this one looked the easiet to me.
  
  So, if the sale price is now 55K, less their deposit of 5K, that is 50K to you (and their mortgage is 50K), then at closing you donate 5K to the down payment program, netting you 45K. Which is what you were expecting in the first place?
  
  Cyndi

• 
  joefm261st June, 2004

  I looked intothis here is the problem with this [QUOTE] Buyer Regulations
  
  It's as easy as.
  1. Buyers must qualify for a primary mortgage loan
  2. ]Buyers must occupy the property purchased with HART
  3. Buyers must have Builder/Seller participation
  
  [/QUOTE[ Edited by joefm26 on Date 06/01/2004 ]