Posted by Robert (NC) on February 06, 2002 at 15:12:26:
Daniel,
Depends on the bank. A local bank I’m working with is doing an Inhouse mortgage for me on a small investment property. The Loan officer told me the other day that THEY didn’t care where I got the down payment, they are just looking at my financial statement and my total assets. I"m getting an 85% loan from them (in house, no PMI), and putting 15% down. I can either do 15% cash out of pocket or get the seller to carry back a 2nd for the 15%. In this case the seller needs all cash and can’t carry the 2nd, however, the LOCAL bank is allowing me up to 4 investment properties with this package. So my next deal will be NO money out of my pocket… I stress LOCAL banks, becuase I don’t know of a national bank that would do something like this (I’m not saying they won’t, just that they turned ME down when I proposed this type of deal)…
Happy investing…
Robert