Does anyone knows about this type of loan
I was talking to someone who said that some people have gotten loans where part of the loan was cashed out.
So, for example you qualify for 120k and got a house for 80k, you could get the other 40k in cash.
Do you know what this person is talking about?
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Sounds like hard/private money to me. That wouldn't qualify as any purchase-money loan I've ever heard of, since the 40k isn't purchase-money. Maybe some sort of ultra-creative portfolio loan with a 40k hard money piggyback? I have no idea, sorry I can't be more help!