Posted on: 29th Aug, 2013 02:01 am
Will I be able to borrow money from my employer is order to pay my down payment for the property?
You cannot borrow money for your down payment. The down payment should be gifted or come from your savings. Borrowing money means taking out a loan. The lender will never approve your loan if you borrow money for down payments.
Welcome Lear,
Niicss is absolutely correct. The down payment money should come from you and the lender will check the paper trail for that money. You cannot borrow money for down payment.
Niicss is absolutely correct. The down payment money should come from you and the lender will check the paper trail for that money. You cannot borrow money for down payment.
Yes, you can't borrow money and pay down for a mortgage loan. How much did you save? DOn't you have any kind of savings in your account with which you can take out a loan?