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downpayment question

New Contributor

downpayment question

A friend of mine owns the house I'm in. He needs to sell it quickly. I was Pre approved for my loan but I'm 3k short for a down payment. Have no family that can help. Any suggestions? I'm racking my brain trying to make this work.
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: downpayment question

Is he paying the closing costs? The seller cannot gift you the downpayment, but can pay closing costs so if that would free up your cash it's an option. Can you sell something? Some lenders let you take a loan against something you own in full (car, diamond ring etc), but not all. I'm sure others have more insight. It would really suck to not get the house because you can't get the $3k together - good luck!


Starting Score: 2/2013 EQ 535
Current Score My Fico: 6/17 EQ 745| EX 740 | TU 775
Message 2 of 7
Senior Contributor

Re: downpayment question

Will you qualify for a state/county funded downpayment assistance program?

 

Message 3 of 7
Valued Contributor

Re: downpayment question

Can you pay less of a down payment..and get 3k more from your pre-approval? 

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Message 4 of 7
Valued Member

Re: downpayment question

You didn't mention what type of loan you were preapproved for. What about usda or fha?
Message 5 of 7
New Contributor

Re: downpayment question

Sorry about that. It's a FHA loan with BofA.
I make just over the limit for any state assistance.
Message 6 of 7
Moderator

Re: downpayment question


creditlost wrote:
Sorry about that. It's a FHA loan with BofA.
I make just over the limit for any state assistance.

You can not borrow your down payment. You can get a gift from a family member but not a gift from the seller for the down payment. You can sell items around your home (keep the info to show where you got the funds).

 

I would be extremely cautious of BofA pre-approvals. Go to a mortgage banker and get another one - BofA is known for giving an approval and then not being able to actually close the deal (just like Wells Fargo).

Message 7 of 7