This topic contains 5 replies, has 2 voices, and was last updated by Anonymous 7 years, 11 months ago.
- May 5, 2011 at 11:59 am #204380
and paying more than the minimum?
- May 21, 2011 at 3:26 am #430633
There are no more “zero down” loans now. What do you mean “Equity of $ 40K”?
- May 21, 2011 at 3:28 am #430634
No. this is one of the causes of the mortgage mess. Mortgage companies want the buyer to have something invested in the house.
that way you are not to quick to let it go to foreclosure.
- May 21, 2011 at 4:19 am #430635
this is a vague question, so i will answer what i think you are asking.
the house you want is 200k. you put down 40k for a loan of 160k.
if you have a house with 40k in appreciation, you may be able to borrow some of that equity.
go to my profile and write for more specific answers
- May 21, 2011 at 4:26 am #430636
Your question is very vague. If you are asking if you can use the equity the current owner has in the property because you are purchasing it at a discounted price then the answer is no, Unless you are buying from a relative the owner cannot “give” you equity as a down payment. The numbers are calculated using the lesser of the purchase price or appraised value.
- May 21, 2011 at 5:16 am #430637
No, you can’t. You have to bring something to the table.
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