Residential Real Estate Agent · Phoenix, AZ · Member since 2012 · 19 posts · 6 votes
Hello BP,
Has anybody had any experience with getting a bank loan to invest in real estate? I don't mean a mortgage I mean maybe a 20K loan just to cover most of the down payment or something like that. I'm struggling with sources to pull my next down payment from. We have terrific credit and everything. Your input would be much appreciated. Thanks guys!
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
Sure. Personal loan, credit card cash advance, HELOC or loan on another property, etc.
But... When you apply for the mortgage the application will ask "is any part of the down payment borrowed". Say "yes" and the application will likely be rejected. Say "no" and you're lying on the application. If you want to do this, be very up front with the lender or broker.