Lending
I have been approved for a 95% loan. I don't have the other 5% to put down plus closing cost..How can I get into this deal with little or no money out of my pocket. Sale price of the house is 105k and the appraised value is 115k.
credit cards
loan against your vehicles that are free and clear from a bank
friends/family
concessions
seller pays
increase price, get kickbacks from the seller.
just a few thougths.
Although I don't disagree with the previous poster...there is one problem for the highly ethical investor...you'll more than likely sign a fanny mae form that has a box to check and says "Is any of the down payment borrowed." To the highly ethical investor, this could be a problem.
If seller wants to sell, ask to cover the 5% and closing costs... First bid low, most likely he will counter back to his original or close to, then counter him with closing costs included in it or the 5%. Most likely they will accept..
But here is a question,
Will a lender let you raise the price to a property past what it appraises for?
No the lender will not let me raise the price above the appraisial..The house will not even appraise for the sales price.
I will look into another deal I don't think this one is a good one for me