Will privet money loan effect mortgage amount?
Hello!
If I get a privet money loan of say 30k for a property to use as a down payment will that effect how much a bank will give me on a mortgage? Has anyone used a strategy of a combination of privet and conventional that has any advice on how to do this? I am doing this because I don't want to use a FHA loan
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
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@Patrick Naughton FHA loans are only to be used for primary residences. Are you looking to purchase a primary home? If so, you can absolutely 100% borrow money for a downpayment. Or maybe I should say - you can be GIFTED money for a downpayment. Meaning, if your family member/close friend provides you with this money with no promise of having to pay it back then it's 100% ok. Let me know if there are more details to this. Certainly happy to answer any additional questions.