I want a 150k mortgage on a 200k house- can i use the 50k/ 25% difference within equity towards the downpayment?
what if i combined the equity with some cash? i must provide a 25% downpayment on a home for my credit and income not to matter- HELP!
Answers:
No because the equity isn't yours until the house is. Most lenders will merely allow up to a total of 6% seller contributions. There are some alternatives but it would be a hassle to get the loan approved or especially costly. More reasonable option would be to lift out a mortgage and then you could do a piggyback Heloc (home equity line of credit) Source(s): Realtor/Loan Officer
Possibly, but not with a regular lender you can't. They wont allow you to use that equity. Some private money sources may allow it if the value is truly here. These are "hard money" lenders and your rates and upfront costs will be higher than your traditional lender loan. But could be doable. Source(s): http://www.aimwithfocus.com
no you cant.....UNLESS you are relatein seventh heavenhe owners. then they owner CAN gift the equity to you...
FHA mortgage allow you to put 3% down...but not copious lenders can do FHA mortgages Source(s): http://carolinahomerates.com
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Answers:
No because the equity isn't yours until the house is. Most lenders will merely allow up to a total of 6% seller contributions. There are some alternatives but it would be a hassle to get the loan approved or especially costly. More reasonable option would be to lift out a mortgage and then you could do a piggyback Heloc (home equity line of credit) Source(s): Realtor/Loan Officer
Possibly, but not with a regular lender you can't. They wont allow you to use that equity. Some private money sources may allow it if the value is truly here. These are "hard money" lenders and your rates and upfront costs will be higher than your traditional lender loan. But could be doable. Source(s): http://www.aimwithfocus.com
no you cant.....UNLESS you are relatein seventh heavenhe owners. then they owner CAN gift the equity to you...
FHA mortgage allow you to put 3% down...but not copious lenders can do FHA mortgages Source(s): http://carolinahomerates.com
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