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Updated about 2 years ago on . Most recent reply
Personal Loan for down payment
Hey all, exploring some options for a personal loan to get a down payment on a place I am looking at. Has anyone had luck taking personal loans out for down payments? Or any other good options I can explore? Looking at making a move as soon as possible.
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#4 Rehabbing & House Flipping Contributor
- Contractor
- Scottsdale, AZ
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#4 Rehabbing & House Flipping Contributor
- Contractor
- Scottsdale, AZ
For the reasons @Doug Smith explained, you probably will not be able to get away will using a personal loan as the source of your down payment on a house.
But even if you could get away with it from a lending standpoint, I don't think it's wise that you get into a 100% financed deal (especially in a declining market).
My vote is that you forget about the personal loan. Find a way to increase your income, decrease your expenses, and save up more money.