ADevilYouKhow
Rhyme Reason
Yes it's extremely complicated though, I've resorted to paying cash for everything. I blame @Domingo Halliburton
Mortgage Lending/Borrowing broken down for my brehs
- Thread starter Young_and_Reckless
- Start date
Yes it's extremely complicated though, I've resorted to paying cash for everything. I blame @Domingo Halliburton
Domingo Halliburton
Handmade in USA
Don't blame bankers they tried to give everyone money in 2006,7,8.... And the public couldn't handle it.
Domingo Halliburton
Handmade in USA
@Shugg Ross why risk that collateral. Let the house you want to buy be the collateral. And why would your grandpa do that in the first place???
You're going to hear this phrase, "skin in the game."
You're going to hear this phrase, "skin in the game."
cuz i don't have a down payment
Debt based economies 
Young_and_Reckless
Is better than you...
If they're free and clear, he can cash out the equity or do heloc to help gift you with the DP. His owning these properties will have no impact on you being able to secure your own residence.
Not even if he's on the mortgage with me?
Young_and_Reckless
Is better than you...
Not even if he's on the mortgage. There are no 100% financing options available unless you're a veteran, so some sort of down payment will need to be made. You can't use collateral in lieu of a DP
He is a veteran..
what if he and i wanted to put down 5000 only on a 120000 house and his credit was great...the collateral of another house is bringing that interest rate down right?
Not true. If your credit is good, there are banks that do 100% financing, my credit union offered it to me. First mortgage for 80% of the purchase price 7/1 arm, Second mortgage 20% 30 year fixed. The VA and the USDA rural housing loan offer 100% financing but have restrictions.