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Updated over 8 years ago on . Most recent reply

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Michael Madoian
  • North Kingstown, RI
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Getting a loan for a down payment

Michael Madoian
  • North Kingstown, RI
Posted

Is it a bad idea to get a loan to use as a down payment or are there better ways to get financing for a down payment?

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Tom S.
  • Real Estate Investor
  • Burlington, VT
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Tom S.
  • Real Estate Investor
  • Burlington, VT
Replied

@Michael Madoian  You can't use borrowed funds for the downpayment for conventional financing. Lenders want "skin in the game".  In general, they're also going to want to see cash reserves in addition to the downpayment.

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