House hacking w/ no money down

[Meshael Eady]

Hi,

I was wondering if it would be a good idea to use a small loan from an accredited lender for a down payment (on a 2-4 unit property here in Brooklyn NY) and hold on to my savings for reserves. Based on what I’m looking to spend (650k-700k) my down payment will be around 35k minus closing costs. I planed on borrowing 50k with no interest or payments for 18 months.

[Aaron K.]

No it would not because most lenders won't recognize that as a down payment not to mention the egregious interest rates that get charged on unsecured personal loans or credit cards, just take the time to save up a down payment on your own.