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!
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
Thank you so much for your kind reply, Clint!
Olga