CAN EQUITY=MONEY DOWN - Posted by DAVE


#1

Posted by JohnBoy on November 18, 1998 at 16:51:11:

Not unless you want to commit fraud with the lender. However they do have 100% financing programs available if you have excellent credit. Some will allow the seller to pay up to 3 - 6% of the closing costs. Since the house will appraise for more than you can purchase it for just add the amount of closing costs to the purchase price and have your contract state that the seller agrees to pay all of buyers closing costs.


#2

CAN EQUITY=MONEY DOWN - Posted by DAVE

Posted by DAVE on November 18, 1998 at 15:55:00:

I found a house selling for 60K. The houses in the area are selling for 80K. I have no money to put down and no money for closing. I’ve been approved for a 75K mortgage. Can I use the equity in the house, just say 20K, for the down payment and all the other fees.

If I negotiated a deal to buy a car, sticker 23K and I was paying 18.4K. The dealer would just say I put down 20%. No money out of pocket. I’ve purchased many cars and never put any money down.

Can this be done the same way with R.E. paperwork??