Re: No money down, Poor Credit - Posted by Michael Hannigan

Posted by Michael Hannigan on May 01, 1999 at 24:30:35:

Deposit money in a CD in a small bank. A couple of weeks later meet with the loan officer for a loan using that CD as collateral. Tell them you want a “demand loan” which means you will not have to pay any principal until you are paying it off. The rate is typlically around 3% higher than the CD rate. Take that money and do the same at another bank and so on as many times as you’d like… each will cost you about 3% net. At the end, put the final check back where you got it from so you don’t really have any money tied up.