Some suggestions, please!

My husband and I have been renting in NYC (Manhattan) for 12 years and we would like to buy our first home. We would like to purchase a 2-3 family home in a nice area in Brooklyn. The problem is that we will never qualify for a conventional loan. But I know that if we find the right deal, we can have the tenants pay most of the mortgage. The down payment could be a problem, as the average price for property in Brooklyn (at least in the areas that we're interested, such as Fort Greene, Williamsburg, Park Slope, Cobble Hill, Boerum Hill) is around $300,000. Does anyone have a suggestion on how to structure a deal where part of the down payment is borrowed?

Thanks!

Comments(2)

  • InActive_Account3rd February, 2003

    There are actually non profit groups that give money for free. One I know of is:

    http://www.bluehippo.org

    If you look in the forums for the name Woodchuck, she posted a whole slew of names for similar gifts.

    Good Luck,

    Clint

  • ocestero4th February, 2003

    Thank you so much for your kind reply, Clint!

    Olga

Add Comment

Login To Comment