Ok, Now That I Have A Property In The Works, The Down May Be A Problem(m)
Are there any creative ways to get down payments which don't include me selling anything? 
I'm trying to think of people I can tap for cash, don't have many, haha, actually, any. Are there investors that would aid with down payments or lend closing costs with interest returned on the money loaned? Hey how could I advertise my needs?
Any ideas?
quinn
Quote:
On 2004-05-06 19:05, quinn wrote:
jam200,
I really don't recall saying that financing was the problem.
Without the funds for a down payment on a loan that requires a down payment. Not having the down payment funds will prevent you from getting a loan.
Example you are pre qualified for a loan with a 90% LTV. But you don't have the funds for your 10%. When the lender asks where you funds are and you say I don't have them. Your loan will be rejected. So untill you are able to come up with your down payment funds you do have a problem.
One way around this is to get a loan that does not require a down. The Rehab loan Lori mentioned is a way to do this with no down.
Hard Money is another way, it is expensive but possible.
Private money is another. Do you know any people with cash?
More information is needed here. WHat is your deal exactly? and what do you hope to do with it? Sell? Hold? Rehab?
If you answer these then we will be better able to give input.
Randall
I usually tell the seller, that the down payment is being hold in an escrow account at the attorneys office. Unless your trying to get financing with the bank
I hope this is not the HUD house that you won at auction.
My intention is to do the minor repairs that are needed and put in on the market to sell.
quinn
tbelknap,
It is a HUD, why do you say you hope it's not a HUD that I won at auction?
quinn
Well, the first thing that comes to mind here is, did you consider how to finance the property before you bid on it? Or did you just consider how GOOD of a deal it is and bid?
But, having said all that, you can do a google search for down payment assistance, and see if any of the companies that it brings up can help you.
I would suggest the following:
Since it is the HUD property, I would suggest getting a rehab loan. If you qualify you could get up to 90% LTV of the appraised value. The first step is to start callling banks and brokers in your area to see which one specializes in this area.
Lori
[addsig]
jam200,
I really don't recall saying that financing was the problem. I don't have a problem getting financed. Thanks alot for your insight and response
quinn
I think the re-hab loan would be great idea. I don't think my broker can do them. How do I find a broker that can get it for me?
quinn
Actually, I may have the problem solved. I have a fellow investor who is going to lend it to me and I'll pay him back with interest included. Actually, this was my initial plan but I just had to figure out and remember who I could go to.
Thanks guys for all your help
quinn