All Forum Posts by: Lisa Hall

Please HELP ME!! I need to borrow $150,000 to fund the downpayment on a Primary Residence I want to buy.

The total purchase price is $400,000. The owner will finance the $250,000 at 3% over 10 Years amortized over 30 years with a balloon due at the end.

This home has $100,000 equity - easily comped at $500,000. This is a friend of mine - that is why it is such a good price - and she just wants out! 

She needs the $150k to pay off her home.

Is there a way to borrow $150,000 using this house as collateral. I have researched this for weeks - and I can't find ANYTHING! 

Every lender says that they need to finance the entire home - and have no options to fund the downpayment only.

Or I need to already own it to do a Cash Out Re-Finance to pay her back. She wants paid at closing when we transfer the title. 

We are already under contract.

I know there is a way to do this, I just can't figure it out!!

I am hoping for a 10-30 Year Arm / Fixed Rate - with an interest rate under 7%.

Is this possible?

My credit is about 720.

I am maxed on DTI at 55% - so a personal loan won't work.

Because all of my income is from rentals, my income does not qualify for traditional financing.

What am I missing?

I know there has to be a way?

MAHALO for helping me figure this out!!

xoxoxo

Kai

If you have actual websites or contact information - that would be SOOOOO helpful!