Advertisement - Members don't see this ad
I know i am full of mortgage Q's but please bear with me...
I recently was informed about this option for attaining a home mortgage.
My friend, pretty financially savvy and indep. wealthy, didn't like my idea of using and 80/20 or some doctor loan to get our house.
He mentioned, he would front our down payment (for like 1K cash to him) and we would get the home and pay him right back with a HELOC. He stated that this would benefit us in the long run. Now, i was pretty tired and did not question him in great detail (I plan to though).
To those with knowledge of this game, does this sound like a good plan??
I recently was informed about this option for attaining a home mortgage.
My friend, pretty financially savvy and indep. wealthy, didn't like my idea of using and 80/20 or some doctor loan to get our house.
He mentioned, he would front our down payment (for like 1K cash to him) and we would get the home and pay him right back with a HELOC. He stated that this would benefit us in the long run. Now, i was pretty tired and did not question him in great detail (I plan to though).
To those with knowledge of this game, does this sound like a good plan??
