Can a Builder assist Buyer contained by Downpayment by loaning down payoff as second mortgage?
I am a builder and I have a buyer who is approved for a loan but the lender requires 10% downpayment. Can a Builder assist Buyer in Downpayment by loaning down transfer of funds as second mortgage. I am assuming a deed will be issued against the property. Can you please explain how this will work.
Answers:
It depends. Ask the lender. Usually no. The lender wants to see that the buyer have the downpayment.
Why not do a FHA loan with the seller paying upfront the 3% downpayment using the Genesis Foundation program. You can increase the price by 3% to cover you have to pay the 3%.
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Has anyone qualified and BEEN APPROVED for Obama's mortgage loan modification?
Just curious, I should hear from my lender in 30 or so days... we certainly qualify for it. My niece within Florida is doing a modification under this plan. The bank is going to modify her mortgage from the $235,000 purchase price...
Answers:
It depends. Ask the lender. Usually no. The lender wants to see that the buyer have the downpayment.
Why not do a FHA loan with the seller paying upfront the 3% downpayment using the Genesis Foundation program. You can increase the price by 3% to cover you have to pay the 3%.
Related Questions:
Has anyone qualified and BEEN APPROVED for Obama's mortgage loan modification?
Just curious, I should hear from my lender in 30 or so days... we certainly qualify for it. My niece within Florida is doing a modification under this plan. The bank is going to modify her mortgage from the $235,000 purchase price...