If, however, you're asking to pay a 50% down payment with your credit cards, you'd have to pay the super high interest rate for the credit/cash advances, plus your monthly payment on a $50k loan (principal, interest, tax, insurance, HOA fee) - but I've never heard of a loan that would allow you to charge your down payment! Plus, lenders pull your credit right before closing to see if there have been any changes. A $50k cash advance equal to 100% of your available credit would qualify as a significant change to your credit AND overall scores. I've known investors who should know better get turned down because they charged carpet for their new purchase!
I can give you the contact info to a couple of lenders that work with first time buyers.
Let me know if I can help!
If you have 50K available in revolving credit, you should have no problem getting a mortgage for 50K from your bank or credit union at a decent rate.
Use you can do an advance on your credit cards to get the balance of $50k.
It might be better to take a loan out for the other $50k.
What is you credit like? If it is good you should get a loan easily when you put $50k Down.
Patrick A. Hale, CDPE, RSD
Real Estate Broker & Investor
REO & SHORT SALE EXPERTS WITH A MISSION TO:
"Help Over 360 Distressed Home Owners Avoid Foreclosure"
If You or Someone You Know is in Financial Distress Visit: http://www.SDRealEstate360.com
Or would you still need a loan, if so,it all depends on Debt ratio if your debt ratio is acceptable to the lender that you are using after you cash advanced all the money you will fine. Getting a mortgage loan is not rocket science:) it all depends on your debt ratio some lenders also require you to have monthly reserves of possibly 3 to 6 mortgage payments in the bank. Then again if you are paying all cash it doesnt matter for you.
All the best!
We recommend you call a lender and ask if you can qualify for a loan. They are best suited for financial discussions.
Best to you,
Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
Your first step should be to meet with a local and trusted mortgage broker, they can prequailify you at no cost to you and let you know what programs you may quailify for.
Good luck with your purchase