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Making The First Payment

PBFerrigan profile photo
  • Wednesday, November 12, 2003 @ 06:21 PM EST
  • 4 Comments
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
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  • sacramentophil
    sacramentophil12th November, 2003
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    Reply

    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.

  • PBFerrigan
    PBFerrigan12th November, 2003
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    Reply

    Thanks!

  • SavvyYoungster
    SavvyYoungster12th November, 2003
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    Reply

    What are you going to do if you do not find a tenet?

  • BAMZ
    BAMZ12th November, 2003
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    Reply

    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

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