Posted by Ed Garcia on December 31, 2000 at 11:54:25:
You don’t tell us what his credit is like. If he has good credit in today’s market, he could get 100% financing. However if his credit is not that good, then your suggestion of finding a deal, doing it Hard Money and then converting it to conventional financing at a later date seems realistic. However if he has a credit problems, he won’t be able to refinance until he qualifies, so 6 months would be out of the question.
Kate, there are programs in between that we haven’t even discussed, because we don’t have enough information on your brother in-law. My suggestion is to introduce him to a mortgage broker and have them pre-qualify him for a loan. Then you can structure a deal around his circumstances.
Kate, I’d like to wish you and your family a Happy New Year,