can I use a homes equity as dwn paymnt on the home - Posted by Bryan

Posted by Michael Morrongiello on October 18, 2005 at 14:17:33:

Bryan:
Why not negotiate with the property seller to sell the $136K home to you and then to also finance you by carrying back a purchase money 1st lien Mortgage on the home being sold to you and to also be cross collateralized by the equity you have in the other property.

Now if the seller of this home and potential $136K Note holder needs cash - the purchase money mortgage & Note can be converted into a lump sum to him (through its sale).

The $136K Mortgage would be secured by BOTH properties.

This is one way to consider going…

Best to your success;
Michael Morrongiello

can I use a homes equity as dwn paymnt on the home - Posted by Bryan

Posted by Bryan on October 17, 2005 at 20:58:16:

I am interested in a house that is on the market for 136,000. The house apraised at 200,000. can I use the 64,000 equity in the house as a down payment and end up with a 72,000 mortgage?