Down Payment Assistance on Real Estate Deal

6 Replies

Need help with possible down payment assistance on house me and my partner are intending to fix and flip. I’m in Fort Lauderdale, FL. Any help is appreciated.

Originally posted by @DeAndre Anderson :

Need help with possible down payment assistance on house me and my partner are intending to fix and flip. I’m in Fort Lauderdale, FL. Any help is appreciated.

 Do you have any hard money contacts to assist you? If you go the 'Network'-'Hard Money Lenders' you should find someone who may be able to help.

@Scott Scheel Most assist with 90% of purchase price and 100% Rehab. The downpayment is more than likely the 10% that I do not have. My question is how can I receive that assistance ?

Usually a hard money lender charges points up front, not a down payment. You would pay interest only for a specified time-frame, then get a traditional mortgage and pay the lender back.

@Scott Scheel So what your saying is that the HML usually covers the downpayment? But just charges points upfront or sometimes they roll it over in the closing cost? Are you able to give me a call maybe when your free to help me understand?

Try and locate another investor in your area and determine if he is willing to partner with you or provide some cash up front to help close deal.

If you don't have money for a down payment, how are you going to fund your rehab costs? I ran in to the same problem. No investor or HML wanted to help me on my flip because I had no experience (it was my first flip) I ended up going conventional and paying the down payment. Cost about $27k for down pymt and closing costs, but I still had $30k for rehab costs. I am not done with the flip yet, but I should be ok.

If you find a way to use someone else's money, than please let me know because like I said earlier, nobody would help me on my first flip. 

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