Question
Can I get a loan to get a down payment for a mortgage?
Its more like I need money for a startup business, for a vacation rental in miami. The condo I am looking at is in a hotel - room goes from 300-500 a night, pays off after 6 days a month rented out rest becomes profit, or i can chose to stay there and take vacations when i please. just need money for a "startup business"
6 months ago - 2 answers
Best Answer
Chosen by Asker
I don't think there are many banks out there that would loan you as much money as you would need for a down payment on a mortgage. The interest rate would be very high. Maybe if you had excellent credit (FICO score above 720) they would consider it. It's an "unsecured" loan and with this economy, it looks unlikely you would get the money. Honestly, if you don't have the money for a down payment, you shouldn't be buying the vacation rental. My humble opinion.
by bcnbien
6 months ago
Asker's Rating: 
Other Answers
The surest way to kill your chances for a loan is to borrow the down payment.
by jlf- 6 months ago
No! Especially in Miami. You cannot get a mortgage unless you can fund the down payment.
by MadMan- 6 months ago
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by Turnbull A- 6 months ago