Posted by Ernest Tew on July 12, 2003 at 09:43:19:
Philip, many banks will ask the borrower where they will get the down payment. If the down payment is borrowed, they may not make the loan.
However, if she were to “sell” her mobile home to your parents for the $2,000 that is needed, that should work fine.
Your parents could then sell the home to you for $2,000, payable over an agreed period of time.
The girl could then give you a $2,000 note for an option to buy the mobile home for some higher price. Of course, the note would never be exercised and the option would soon expire.