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Updated over 13 years ago on . Most recent reply

Mark Coulet's profile image
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Mark Coulet
  • from Las Vegas, Nevada
  • Member since Jan 19, 2012
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Mark Coulet
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Mark Coulet
  • Las Vegas, NV
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Private Lending & Conventional Mortgage Advice

creative financing

Mark Coulet
  • Las Vegas, NV
Posted

my dad bought a house at the auction yesterday. he needs some extra cash, so can i get a 30 yr conventional loan to buy it from him?

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

I don't know. Can you? Do you have the required down payment, credit score, cash reserves and income required by your lender to get approved for the loan? It may be more difficult if you buy a house from your brother at the same time.

Some lenders have seasoning requiements and won't lend on a house if the seller has only owned it a short time. Is that your concern?

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