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Tricky Mortgage Question

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Tricky Mortgage Question  Reply with quote  

I am trying to obtain a mortgage on a 200k house, but I only have 10k saved.. I would love to save that 10k + empty creditcards to do a little fixer upper on the house.

The thing is. I don't want to get an FHA loan. I want to make it a rental property so I want a conventional loan which is requires 20% meaning 40k.

These days banks don't give 100% financing correct?

Now the question after thinking.. and thinking.. and thinking...

What if i was to do a "partial seller financing" for the 20% and get a loan for the remaining 80% of the money which is 160k. If the house is appraised at 200k, will the bank back me the 100% of the 160k needed to buy the house?

Hope that made sense.

Post Fri Jan 04, 2013 12:19 am
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Why don't you want to use FHA? Even if you decide to rent it, you can still apply for FHA which requires only a small downpayment compared to a conventional loan. Unless you have the assurance the home will appraise for the $200K, I would be looking at the FHA mortgage to be sure.

Success to all,

Post Fri Jan 04, 2013 3:16 am
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