How to use someone else's 10% down payment
Hello bigger pockets family. My name is Jordan King and I have an interesting question. My partner and I have both used up all of our conventional lending opportunities and are looking to do a deal involving other people, and possibly use their 10% vacation loan. Have any of you done a deal like this or have any ideas on how we should write this up? I would love any advice or thoughts. Thanks ahead of time!
You can be on the loan as a non-occupant co-borrower and the "other" person can use their 10% down. You can also buy a second home with a partner or family memeber and again use their 10% down or assets. There are a few ways to set it up to avoid issues.. You want a game plan before you get into the application stage because it can cause issues redtape and be declined if not set up correctly.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Start using non qualifying mortgages such as DSCR, you can get as many as you want
