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Question: Is is possible to borwe some money for a deposit to get a mortgage?

(Posted by: on 2010-09-07 09:34:32)

I am looking to buy a house as to renting. I want to know if the bank would lend me the deposit for the mortgage? As whilst renting i have spent all my savings on upkeep and bills.

Posted by: Landlord on 2010-09-07, 09:48:01

No, not any more, a deposit can not be financing, that would have you financing 100%. You can not manage to save money you are not ready to buy anyway, homeowners need to be able to keep a nest egg to handle the emergency situations ownership can bring.

Posted by: Manda on 2010-09-07, 09:35:57

Call them and ask them. By the way, what does "borwe " mean?

Posted by: the kid on 2010-09-07, 09:38:40

Yes, but that loan will make it more difficult to get a mortgage.

Posted by: Beverly S on 2010-09-07, 09:54:40

No, you cannot borrow the down payment for a home. Sorry, we require it to come from your own funds.

Posted by: kemperk on 2010-09-07, 11:10:33

Technically, you may not but if a family member wants to hire you for something and that covers your down, bingo! If you get back to me, I can show you how to buy much cheaper--legally.

Posted by: Kevin Williams on 2010-09-07, 19:45:05

I would strongly suggest you hold off on purchasing a property until you have sufficient savings. All the information you listed leads me to believe you will be in foreclosure within 10 days of buying your home. This is not the time for you to purchase a house. You are absolutely not ready for home ownership because your savings account is empty.