Making The First Payment

Dear Forum,
I am able to take out a mortgage however have no extra cash. I am wondering if it is possible to receive a loan slightly over the purchase price to cover the closing costs, the repair costs as well as the first three or four payments until I find a rentor.
Thank you so much for your advice!
-Peter

Comments(4)

  • sacramentophil12th November, 2003

    Some friend of mine recently got a 107% loan, but that was also for a primary residence, not a rental. You may also be able to find a tenant before you actually close on the house.

  • PBFerrigan12th November, 2003

    Thanks!

  • SavvyYoungster12th November, 2003

    What are you going to do if you do not find a tenet?

  • BAMZ12th November, 2003

    Hi PBFerrigan,

    Although I dont know a way to make that happen for you through a conventional lender, you could ask the seller to pay your closing costs, and ask them if you can show the property to perspective tenants before you close.

    BAMZ

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