Home Buying in 07047>Question Details

Jessybory, Home Buyer in 48209

the house is 150k but i only prequalify for 120k . is it legal to pay the remaining 30k in installments?

Asked by Jessybory, 48209 Tue Oct 23, 2012

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6
If you don't have the $30K, you can check with the seller to see if they can offer seller financing, but you could be restricted if you're doing a FHA loan.
0 votes Thank Flag Link Tue Oct 23, 2012
Please call First Prestige Mortgage Services,Inc 973-744-8300 I am sure you
and your family will bemore than satisfied to assist you.
0 votes Thank Flag Link Tue Oct 23, 2012
Have you considered combining incomes with a co-signer?
0 votes Thank Flag Link Tue Oct 23, 2012
Unfortunately, you'd have to come up with 30,000 in order to close that deal (not including closing costs).
0 votes Thank Flag Link Tue Oct 23, 2012
You are talking about a 125% loan;
that is not going to happen.

You should look for a house under $120, 000.

Good luck and may God bless
0 votes Thank Flag Link Tue Oct 23, 2012
When it comes to a purchase, you can pay anyway you'd like, as long as the seller agrees. There are no laws I know of that govern how a property must be paid. Just ask the seller about the your proposal. You will probably need to offer private money interest rates of 10-12% on that $30K though.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Oct 23, 2012
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