Posted by: The King ®
02/02/2003, 16:46:08
Edit
|
Sure Leon. I thought you'd never ask! When your King advertises "We Lend You the Down Payment," this is what we mean. Let's say:
1.) That we are talking about a $100,000 house and 2.) That we want 10% or $10,000 down. And let's say:
1.) That the buer has only $5,000 to put down,
2.) a good job and
3.) good credit. This King would still sell this buyer the house. I would take the $5,000 in cash down and write a note for the $5,000 the buyer is short. I would hold the note at 12% interest amortized for 36 months. The payment to me would be $166.07. After three years, the note would be paid and the buyer would have +10% paid into the house. S/He should be able to refinance and cash you out. Here's a q for you: Would this King lend 100% of the down payment? Let's see how well you know me. You tell me why I would or or why I would not... The King
|
