Posted by Steve (NY) on February 29, 2000 at 17:22:45:
I’m by no means an expert on the subject. However I’m closing a deal in March with the same type of situation. However I’m not showing the cash back to be used for down payment. I’m not sure how a lender would feel about that.
Also you haven’t figured in closing costs, ect. Even if you can use the cash back for help with the down payment, you will be spending a lot more than $1,500 for a 90% LTV loan.