Group of friends buying a house need financing - Posted by Scott
Posted by Scott on October 08, 2003 at 23:43:23:
I am active military and have two other friends who are transferring to my base. We have two more friends who want to rent. We are looking at nice four to five bedroom properties in the $400,000 range. Three guys want to take out mortages on the house, no down payment. VA is an idea but can VA loans be a second and third mortgage? We basically need three $140,000 loans at 5% for 30 years. Our credit is good and we have literally an army of possible renters ready to move in in case someone needs to leave. We are permanently stationed here in Washington. Is this financially possible?