Where can I borrow instant money?

Question

I really need to borrow instant money for my 3 % down payment $6900 by Monday. Anyone can help?

Nick C. · Answer

If you need to borrow the $6900 down payment are you sure you're in a good position to be buying a house?

Bob Okenwa · Answer

You cannot borrow money for down payments from conventional lenders.

Todd Kruger · Answer

@Angeli Noordin

Most lenders will confirm-prior to closing, that you paid for your own down payment. When you were conditionally approved I am sure the lender asked for your last 2 months of bank statements and confirmed you personally had the $6,900+ to close. Where did this cash go?

I urge you to reconsider this closing!  If you go forward and “find” the DP$ your lender will likely once again confirm prior to closing on the source and seasoning of these funds.

You are playing with 🔥 here. This is NOT a solid start to your REI future.

Junior Soares · Answer

@Angeli Noordin

You're putting yourself in a  bad financial situation if you're needing to borrow the down payment for your home. This would mean you owe 0% of it and have no reserves. In the next economic downcycle you'll fold. I apologize to be the bearer of bad news but this is a recipe for disaster if you ask me.

Angeli Noordin · Answer

@Igor Messano the original plan was the lender will give 3 % for down payment as government assistance. Because this is part of first time home buyer program. But almost at the end of closing process they told me that my partner status in the US still pending asylum. So they cancel the fund. I thought they are not making a big deal because as long as we can pay they will ignore about the status. Thats why we need help now.

Igor Messano · Answer

@Emily Hill

Rolling the down payment into the loan is having the bank 100% finance meaning no down payment. Not sure I follow.

On borrowing the funds, this is not allowed for what sounds like traditional financing given the low down payment. Your only option is buying the property with another person who would have the down payment if you are to continue down the same lending path. Did something change that suddenly you need the down payment? What was the original plan?

Isaac Johnson · Answer

@Angeli Noordin downpayment should come out of your own pocket. 🤷‍♂️🤷‍♂️

Hai Loc · Answer

@Angeli Noordin

If you cant even come up with 3% you shouldn't be buying.

Even if you come up with it you will be posting in about 28 days after closing on

"Where can I get a loan for my mortgage payment?"

Ashley Sanders · Answer

@Angeli Noordin let me know how this goes. I'm in a similar situation. Not much money right now for a down payment, but loads of opportunity in the end. We can do the work for the flip, but money is tight and hard to save.

Ola Dantis · Answer

@Angeli Noordin You might want to postpone this closing...

Where can I borrow instant money?

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