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Robert Delgado
  • New to Real Estate
  • Seaford, DE
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If you have 20% equity (or more) do you still need cash to buy?

Robert Delgado
  • New to Real Estate
  • Seaford, DE
Posted Aug 2 2021, 16:55

Hey Everyone! I found a great deal in my local area, pre listing of someone that is moving in a week. They are selling the home for 100k but I firmly belive the property will appraise for 150k or more of that creating alot of equity. I spoke with the a mortgage broker that is a friend of mine and he told me that I need 20% of the purchase price for a down payment and equity dosent matter. Is that true? Will a lender decline me if there is a ton of equity but Im not putting any money down? I dont quite have 20k to put down, but I thought the great equity could help me get cash down waived. Does anyone have any experince with this situation? Thanks!

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