no money down land/home packages - Posted by josh nc.
Posted by josh nc. on March 15, 2000 at 08:01:45:
i have been approved for a 75% loan on land/home package and this loan product does not source or season down payment funds. where do i come up with the 25% down payment and closing costs. the dealer brings it to the closing table in a cert check in my name as a gift. after i close i will have a piece of property that has a 25% equity position in it. the sales price(appraised value) is $91,500. my loan will be for $68,600. my plan is to sell the property for $85,000 and make about $16,000 without spending my own money. it has 4 bedrooms and a double-sided see-thru fireplace. i’m to close on the property this week. i’m i heading towards bankruptcy? i would like some thoughts on this scenerio. thanks josh in nc.