Good Method For Getting Down Payment?!?
What are some good ways to come up with the down payment?!? I have heard of investors purchasing a property and having the seller put a certain amount back at closing for Down Payment.
Are there any other ways, more creative ways, that investors come up with the down payment for a property?
I heard of someone saying that they "financed their down payment with a home equity line" - How does this work?
Thank you!
[addsig]
It seems like if you are about to purchase at 80% of appraisal you can get away with not doing a down payment.
In my case the bank told me that I couldn't do the home equity line until I closed. I ended up borrowing the down payment from my grandmother and then paying her back two weeks later with the home equity line.
At this time I have several lines of credit that I can use for down payments and then turn around and pay them off, if I were to do something similar.