Only have 1/2 of down payment Need help. - Posted by Leola Sobon


#1

Posted by Kristin on January 09, 1999 at 11:39:13:

Leola,
If the positive cash flow does not cover all of the excess down payment required, find out if the lender will allow up to a 90% CLTV. Then ask the seller for up to a ten percent second. If the seller refuses, look for another lender who specializes in seconds. If your credit is acceptable, most lenders will allow a higher CLTV then the LTV they personally will cover. Also, ask them if they will allow gift funds for the excess, and you may be able to get the cash from a friend or business associate with a side note not attached to the property.
Kristin


#2

Only have 1/2 of down payment Need help. - Posted by Leola Sobon

Posted by Leola Sobon on January 09, 1999 at 24:02:18:

I am trying to purchase a business in Florida but the banks seem to want 20% down and we only have 10%. Can anyone help me in trying to get the remaining or get a mortgage without a down payment?

Thanks in advance for any assistance anyone can give me.

Leola Sobon

lcs31@juno.com