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From: Mike .
no deposit loans?
From: JF
Date: 4/19/00
Time: 2:08:08 PM
Hi all.
I have been madly paying out a car loan for the past 8 months at a rate of $1000 per month and am almost in the clear. I want to buy a house now, trouble is because I have sunk evrything into paying out the car I have no deposit and only a few $$$ savings. I am thinking of buying the house off my folks - they are willing to do me a deal and sell at less than what they would in the open market.
I have heard somewhere that if the bank values the property higher than what I am looking at paying for it, that I should be able to borrow 100% and not require a deposit - however I have run this past a handful of banks already and they are all saying I must have a 5% to 10% deposit.
Does anyone know how I can buy this place without a deposit?? I dont even plan to live in it as I want to rent it out, and go rent somewhere else closer to the city and smaller for myself (dont know if not living in it makes any difference). I'd appreciate any advice you have to offer.
cheers, JF
no deposit loans?
From: JF
Date: 4/19/00
Time: 2:08:08 PM
Hi all.
I have been madly paying out a car loan for the past 8 months at a rate of $1000 per month and am almost in the clear. I want to buy a house now, trouble is because I have sunk evrything into paying out the car I have no deposit and only a few $$$ savings. I am thinking of buying the house off my folks - they are willing to do me a deal and sell at less than what they would in the open market.
I have heard somewhere that if the bank values the property higher than what I am looking at paying for it, that I should be able to borrow 100% and not require a deposit - however I have run this past a handful of banks already and they are all saying I must have a 5% to 10% deposit.
Does anyone know how I can buy this place without a deposit?? I dont even plan to live in it as I want to rent it out, and go rent somewhere else closer to the city and smaller for myself (dont know if not living in it makes any difference). I'd appreciate any advice you have to offer.
cheers, JF
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