Posted on: 19th Jan, 2009 07:03 pm
A friend, not related to me is willing to sell his house to me for less than what it is worth. Can I take the 20% down payment out of that?
Hi murphy,
You will have to speak to the lenders and check if they are ready to give a loan with no down payments. If the lenders get ready to give you a loan with no down-payment, you will have to go for a PMI (Private Mortgage Insurance). This is a insurance for the lender if the borrower is not giving a minimum of 20% down-payment.
Thanks
You will have to speak to the lenders and check if they are ready to give a loan with no down payments. If the lenders get ready to give you a loan with no down-payment, you will have to go for a PMI (Private Mortgage Insurance). This is a insurance for the lender if the borrower is not giving a minimum of 20% down-payment.
Thanks