No lender is going to make a 0 Down loan first of all…unless it is owner-occupied and you have good credit. Clearly, 3 condo’s is not owner-occupied so that’s out. Even at that…you’re not going to find many lenders who are thrilled over making an $8K loan.
So your only solution without using your credit is either 1) the owner finances and agrees to accept 0 down or 2) you take over existing financing subject to and give the seller a note for his equity.
Posted by Chris M on January 17, 2000 at 20:26:47:
I agreee with Mr. Piper. Edna, the above that is mentioned could work, but may also work with the $1000 down SPREAD OUT OVER A PERIOD OF TIME! If the seller(s) can live with the time, you have some great deals. Closing costs and title insurance would naturally be some fees that would need to be covered. You may even do some lease optioning, adding a clause in the contract to “sub-lease option” to someone else. Let me know how it turns out. Very curious, being so close to Connecticut!!!