Posted by Brent_IL on April 20, 2002 at 14:08:29:
Study subordination and substitution-of-collateral techniques. Search the archives and read the related posts to gain a background. By utilizing these approaches you can apply the loan proceeds to your deal costs. Otherwise, the money is unavailable for down payments or closing costs so you won’t be able to use it for the top part of the deal.
No money down? - Posted by Corné de Jager
Posted by Corné de Jager on April 20, 2002 at 05:22:58:
My girlfriend and me are looking at our first real eastate deal. The problem is, we do not have the cash to put down for even a 90% morgage!
I read Dolf de Roos’s book “Real Estate Riches” and decided to find solution for our problem…
Would it be possilble for us to use part of our “pre aproved morgage” to pay the costs involved in the deal?
Re: No money down? - Posted by Dan Stra
Posted by Dan Stra on April 21, 2002 at 16:06:00:
How is your credit? if you have high scores you may wish to talk to a loan officer about NINA loans (no income, no asset).
If you have an approval but don’t have the down payemt then perhaps you can dry up a credit card and put the money in your account. After 60 days it will show as seasoned funds and be applicable towards the DP in a conventional owner occupied loan.
Last note, on owner occupied some brokers can go up to 100%. I had an offer on a house last month where the buyer was qual’d for 100%. I don’t know how but she had the letter.
I hope this helps.
Dan