Making The First Payment
Dear Forum,
I am able to take out a mortgage however have no extra cash. I am wondering if it is possible to receive a loan slightly over the purchase price to cover the closing costs, the repair costs as well as the first three or four payments until I find a rentor.
Thank you so much for your advice!
-Peter
Some friend of mine recently got a 107% loan, but that was also for a primary residence, not a rental. You may also be able to find a tenant before you actually close on the house.
Thanks!
What are you going to do if you do not find a tenet?
Hi PBFerrigan,
Although I dont know a way to make that happen for you through a conventional lender, you could ask the seller to pay your closing costs, and ask them if you can show the property to perspective tenants before you close.
BAMZ