Would hard money work for this deal

[Kicia Brooks]

im interessted in investing in my first homes the list price of the homes is valued at 289 and the seller wants 10,800.00 down could i do i hard money lender for this property.

[Jon Holdman]

Are you saying the property is listed for $289,000 and the seller is willing to sell with owner financing with $10,800 down?  If so, where does hard money come into play?  If you mean would a hard money lender lend you $10,800 for the down payment, then the answer is absolutely not.  HMLs will rarely do a second position loan and certainly would not do it for the down payment.

If this is a house you're going to live in (the only think an investor should refer to as a "home") then HMLs will rarely lend at all.  Residential mortgages are highly regulated and that's not a game HMLs play.

If its an investment, HMLs will lend, but typically only up to 70% of the purchase and maybe part of the rehab.  And the rates will be VERY high, 12-18%.  And the term short, 6-9 months.  So you have to plan to sell or refinance.