Livelife, Other/Just Looking in Carlisle, MS

Could I borrow the down payment or all of the price of an investment property (parents or hard money lender)?

Asked by Livelife, Carlisle, MS Mon Aug 31, 2009

I would like to fix up and refinance. Is it hard to refinance these days? Also does the bank need to know where the money came from?

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Livelife it matters! If you are looking to fix up and refinance look into an FHA 203K this allows for the money needed for repairs and because rates are great your new loan could be at a fixed low rate. Email me with motgage questions
0 votes Thank Flag Link Mon Aug 31, 2009
Hi Livelife,

With hard money lenders normally they don't care where the money comes from. As long as it can be verified it's OK. You can borrow from your parents or use a down payment asst. program. However, you will need equity and a cooperative seller to use the DPA program. So if the property is bank owned, the DPA will not work. I hope this helps.

James J. Bullock
a.k.a. thathardmoney
JDB Financial LLC
678 383 8438 Direct
800 482 4921 Office
248 579 0053 Fax
Private/Hard Money (Residential & Commercial)
0 votes Thank Flag Link Mon Aug 31, 2009

Your parents would be the best bet.

The VERY BEST thing top do is contact a direct lender (not a mortgage broker) and they will tell you everything you need to do in order to get it done.

They will give you a max price based on what you can afford and assist with all of the ins and outs of a gift letter.

If you do not know a lender, or lenders, ask your friends and family first. If that fails, we would supply you with a cople of names.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure & Investment Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Mon Aug 31, 2009
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