Possibility of no down payment?

[Michael Russell]

Hello all,

So I have a possible property I might buy from a relative. The property is worth about 400k, but he is willing it to me for 300k. He bought the property 10 years for 215K, and with loan pay down over the years he could stand to make about 100k off of this sale.

Because the loan I would get of 300k is less than 80% of the total value of the house, does that mean I would not have to put a down payment on the loan?