Owner Note For DP/40K, I HELOC & Pay In 1 Week?
My lender requires 20% down (don't ask). I ask the seller to hold a 40K note till close, then I HELOC and pay her back. Any issues here?
I submit this "fruit salad" in the morning.
I'll try to be more clear. Seller's propert (condo) and my average FICO require that I put down 20 % =40K on 170 + price. The seller wants to carry some papaer. My goal is to collect a personal note with 60 day pay off terms in left hand....put the check in my account labeled "Gift" for downpayment (per rules) and hand it to agent for down payment as reuqired. Then immediately get a HELOC to cover the 40K, and pay owner back. Will this work?