Posted by Michael on July 04, 2003 at 19:00:10:
I’m also a real estate agent and investor in Florida and I work mainly with investors. I have a program that allows us to use the equity in the new construction home (appraisal vs. purchase pruce of land+home) as our 20% down payment. I have built one myself and roughly 10 more for my clients…using a local builder. We pay closing costs, so it’s not a no money down deal, but most deals are put together with roughly $5k out of pocket.
I have just begun to advertise this program and the interest is astonishing. We’ve done 5 homes in May and 3 homes in June. Are they any other financing programs out there similiar to this…I am always open to new avenues…
Thanks for your time,