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Updated almost 6 years ago on . Most recent reply

User Stats

347
Posts
25
Votes
Horacio Gutierrez
  • Rental Property Investor
  • Downey, CA
25
Votes |
347
Posts

Down payment note collateral note

Horacio Gutierrez
  • Rental Property Investor
  • Downey, CA
Posted

Hello,

How should I record a promissory note for bank loan and private loan for a down payment using the same property as collateral. When I buy the home do I just record the bank as the first position in deed and second position as the private loan as down payment on the same day. Will the bank still let me borrow on fha loan if I borrow from private loan for down payment or the bank doesnt care?

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