Private money and Mortgage loan.

[Juan Martinez]

First time investor here.

Working toward my acquiring my first deal.

I don't have the money for down payment but step-dad said he would provide a loan for it at low interest (he said he is doing it more to help me out because we are family), I know conventional loans don't allow the use of personal loans for down payments so here are some questions I have -

Does a private money loan such as this count as a personal loan?

If it does, are investment loans a better option than traditional loans?

And finally, if anybody has done this type of deal how did you structure it, and how did you get the bank to approve of this down payment source?

If it helps I live in Arizona (just in case anyone has done something similar in this state)

Thank you.

[Chris Seveney]

@Juan Martinez

Most banks will not finance this type of transaction