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Unread 04-29-2007, 05:58 PM
 
3 posts, read 92,034 times
Reputation: 14
Question Need a loan for down payment

I got approved for a morgage, but I am in need of a personal loan for a down payment of $4,000. Can anyone suggest a company that can approve a loan quickly with so-so credit.
Any info is most helpful
Thank you
Georgette
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Unread 04-29-2007, 07:36 PM
 
3,145 posts, read 5,507,754 times
Reputation: 1827
Have you checked out prosper dot com?
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Unread 04-30-2007, 11:59 AM
 
Location: Franklin, TN
542 posts, read 958,005 times
Reputation: 323
Quote:
Originally Posted by geeh View Post
I got approved for a morgage, but I am in need of a personal loan for a down payment of $4,000. Can anyone suggest a company that can approve a loan quickly with so-so credit.
Any info is most helpful
Thank you
Georgette
In perfect honesty if you need to get a loan for a downpayment for a home, you have some larger financial issues you might want to address.

Most mortgage companies will be asking where you got that $4,000 from, and if it was a loan, they may very well revoke your approved mortgage.
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Unread 04-30-2007, 01:45 PM
 
3 posts, read 92,034 times
Reputation: 14
It was the mortage company that told me to apply for the loan for the down payment. I'm new to all this. Is this normal for them to suggest this?

Quote:
Originally Posted by Big TR View Post
In perfect honesty if you need to get a loan for a downpayment for a home, you have some larger financial issues you might want to address.

Most mortgage companies will be asking where you got that $4,000 from, and if it was a loan, they may very well revoke your approved mortgage.
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Unread 04-30-2007, 02:18 PM
 
Location: Franklin, TN
542 posts, read 958,005 times
Reputation: 323
Quote:
Originally Posted by geeh View Post
It was the mortage company that told me to apply for the loan for the down payment. I'm new to all this. Is this normal for them to suggest this?
First a few questions:

1. Do you have a downpayment for the home?
2. If not, what is the pressing need to go into debt with what I assume is a personal loan to get a downpayment on a house?
3. What is the reason that the mortgage company is suggesting a loan?

Right before we bought our home, the mortgage company required bank statements for the 3 months prior to our application. Then they questioned where we got the money for the downpayment to the builder. This payment was just transferred from our money market account, but they wanted validation that we didn't just get a gift to afford the home.

This whole situation is highly unusual and sounds very fishy to me. I have never once heard of a mortgage company telling a potential borrower to go into debt to finance their downpayment.
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Unread 04-30-2007, 02:22 PM
 
Location: Tennessee
6,283 posts, read 14,458,038 times
Reputation: 1540
Quote:
Originally Posted by Big TR View Post
Right before we bought our home, the mortgage company required bank statements for the 3 months prior to our application. Then they questioned where we got the money for the downpayment to the builder. This payment was just transferred from our money market account, but they wanted validation that we didn't just get a gift to afford the home.
The closings I've been involved with require you to sign a statement that the downpayment isn't from a loan. As I recall, they didn't care if it was a gift (as long as it really was a gift and didn't have to be paid back). If the loan the original poster is talking about is commercial, it's going to show up on their credit report.
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Unread 04-30-2007, 02:40 PM
 
Location: Franklin
3,846 posts, read 6,315,629 times
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Exactly. For gifts, most lendors require a letter from the giver (usually a relative) stating that it does have to be repaid.
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Unread 04-30-2007, 02:46 PM
 
63 posts, read 204,471 times
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Instead of a loan why aren't they doing a 107% loan for you. I am very surprised to hear them saying get a loan for the dnpymt too. There must me someone on this site that can PM you with a better financing situation.
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Unread 05-01-2007, 07:01 AM
 
Location: Murfreesboro, TN previously Brentwood, TN
225 posts, read 773,524 times
Reputation: 104
I am a Realtor and your question throws up red flags all over! Something is not on the up and up with this mortgage company. There are lots of reputable mortgage lenders, and some that are not so reputable. They should either be doing 100% financing, an 80/20 loan, or possibly putting you through a program with a "gift" program for the downpayment if you qualify. Closing costs and downpayment can all be rolled into the purchase price, if you qualify and the house will appraise. I cannot think of any situation where the buyer could take out a loan for the downpayment seperate from the mortgage and this be legal. If you need the names of some reputable lenders for a second opinion, please feel free to PM me or email me through my profile. You should at least talk with other local lenders who have solid reputations before you proceed.
Quote:
Originally Posted by geeh View Post
I got approved for a morgage, but I am in need of a personal loan for a down payment of $4,000. Can anyone suggest a company that can approve a loan quickly with so-so credit.
Any info is most helpful
Thank you
Georgette
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Unread 05-08-2007, 07:23 AM
 
Location: Beautiful East TN!!
7,285 posts, read 13,131,233 times
Reputation: 2624
I am going to agree with Well kids and BigTR. I am a mortgage broker, and I saw red flags all over the place with your posting. Be VERY careful with your lender telling you to get a personal loan as a down payment. I would get a second and third opinion if I were you. Get your credit report and take it to someone else (don't let them re pull your credit) good loan officers can tell you what mortgages you can qualify for by looking at your credit report without having to re pull one, which can hurt your credit even more. If you are being qualified for a mortgage that does allow you to use borrowed funds as a down payment, it is at a VERY high interest rate and is an A.R.M....correct? Are you SURE you will be in a better financial postion (not just credit wise) in 2 years so you can refi before the loan adjusts?
Have you thought about taking a few months to work on your credit and put you in a better position to afford the house? This few months can put you in a better position for years instead of very tight financial position for many years to come.
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