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Updated almost 8 years ago on . Most recent reply

Michael Madoian's profile image
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Michael Madoian
  • from North Kingstown, Rhode Island
  • Member since Apr 22, 2015
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Michael Madoian
  • from North Kingstown, Rhode Island
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Michael Madoian
  • North Kingstown, RI
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Creative Real Estate Financing

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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  • from Burlington, VT
  • Member since Feb 4, 2010
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Tom S.
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  • from Burlington, VT
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Tom S.
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Tom S.
  • Real Estate Investor
  • Burlington, VT
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@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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