House financing
I have under contract a bank foreclosed house that I am to finance 100K. However I have family who wants to help out and pay 100K in cash at my closing. Can this be done or must I stick through with obtaining financing else where?
Answers (3)
I haven't incur the lender cost yet. But on my contract I only have my down payment and third party financing document. Can the cash put up by my family be considered as third party financing?
you can do anything you choose,
FIRST ANSWER
You can have the title company write the note and use only your family member as the lien holder. You are likely to lose any application fees, appraisal fees etc that you have already incurred.
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