Downpayment
Does a carryback reduce the amout that I have to put a downpayment on or can I use it as a downpayment entirely.
Here's the figures 625,000 FMV
150,000 Carryback
Offered 600,000 so I would have to get 450,000 from the bank. Would I still need a downpayment? Thanks.
Studlee,
Depends upon the bank loan. Presumably with even average credit, a 25% down is sufficient. Your 150K carry back should be more than sufficient as your down. If not, then shop around. That is the entire point of carryback is to use other people's money and not put any of you own money out.
HTH,
Robert
[addsig]