Can I use equity built in an owner finance situation towards a down payment for mortgage? - no down payment mortgage
I support an agreement with the owner of my house payment in full before I can get a mortgage. At the time of the agreement are still in school and are not eligible for support (financial income TIP) to. Per our agreement, I built some 7,000 in equity in the past four years. Can a lender allow me to use as down payment? If not, any suggestions.
I have to show the contract documents and bank statements into the house payments.
Thursday, January 14, 2010
No Down Payment Mortgage Can I Use Equity Built In An Owner Finance Situation Towards A Down Payment For Mortgage?
4 comments:
It depends on how the contract is denominated.
In some cases this can really be a place to make a purchase that you will use available capital for social purposes of classification refinance.
Some lenders will accept your "equity" if you can show proof of real commitment of actions.
Or do you pay for an evaluation. When assessing the value of 5% more shows than they owe on your existing mortgage, a loan amounting to 95% of the value. A conventional loan. The loan would be paid to the seller and you have the loan in his name.
The only problem is that if I wanted pocket money at the closing ceremony. Do not let ..
Some lenders will accept your "equity" if you can show proof of real commitment of actions.
Or do you pay for an evaluation. When assessing the value of 5% more shows than they owe on your existing mortgage, a loan amounting to 95% of the value. A conventional loan. The loan would be paid to the seller and you have the loan in his name.
The only problem is that if I wanted pocket money at the closing ceremony. Do not let ..
Generally not, they have this stupid thing called "skin in the game"
Species.
So you do not volunteer, what is the value of the house, if 15k
Yes. It is for you!
Post a Comment