That is possible, but it may also hurt your ability to obtain a mortgage. Lenders will look at your debt and income when you apply for a mortgage. So since you will be further in debt if you do that, it may cause you to obtain a lower loan amount or may make it so you can qualify at all. It all depends on your finances. There are low down payment loans out there that only require 3.5%. There are also community grant programs that can help you with down payments as well. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
NMLS # 659743
Its best you speak to a lender in your state to get this question answered. Many banking laws are different. You may be eligible for a gift of funds from parent, but please check with a lender in your state.... more