can you help me pay my down payment on a house?
My boyfriend and i have found a house that we would like to buy. The only problem is that He just filed bankruptcy that was discharged in febuary of this year. We do not have the amount of money that they are asking. The house is for sale for 32,500 and the bank demands 6,500 for a downpayment. Can you help us please? by desperate from Russell, New York. Sep 3rd 2010
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
Your down payment is the least of your issues, the BK discharged in February would probably pose the biggest hurdle in getting financing. You need to re-establish your credit and save for a down payment. You are not ready to purchase a house yet.
Michael Seligman (michael@capfundonline.com)
#41 ranked lender in Florida - 11 contributions
deposit sounds high based on per centage of purchase price. Many banks have minimun loan amounts which make it tough for this scenario. Your boy friend will not qualify -- BK is to fresh. You can qualify with a non-occupant co borrower such as friend or family member for FHA if you have the credit score. The deposit can be a gift (as opposed to a loan from a family member or friend). Also there are county down payment programs -- but tough to get. hope this helps....
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