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Updated over 3 years ago,
+$50k LTV: Using this potential equity as a down payment?
Hi everyone! We live in the Florida Panhandle area and have rented a home for the past 6 years. Our landlord needs to sell the property and made us a great offer. Based on recent comps, which are the houses on either side of us, the appraisal should come in at $145k. The landlord has offered to sell it to us for $90k. We had no intention of buying a home in the near future, so we only have about $2,000 for a down payment. Are there lenders who would accept these conditions, essentially using potential instant equity as the down payment? Thanks in advance!