Re: Down payment - Posted by phil fernandez
Posted by phil fernandez on January 18, 2001 at 10:07:41:
Hard money lenders, lend on equity. Never used one, but from what I see is that they don’t lend much above the 55% - 65% LTV and they will want to be in 1st position.
Now you could get an 80% of the purchase price 1st and then have your seller take back the remaining 20% for a no money down deal. Many banks won’t allow this type of arrangement. Keep on hunting till you find one.
If this will be your primary residence and you have good enough credit, there are programs out there that will finance you 100%. Check with an agressive mortgage broker to see what types of programs he might have for you.