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Forum -> Inquiries & Offers -> Moving/ Relocating

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sandwitched

Wed, May 25 2016, 2:15 pm

Hi,

I am in the process of buying a house, and am short $40k for my down payment. Is there any gemach or place to borrow that kind of money? Can't think of anyone who would borrow that kind of money for a longer amount of time...

Thank you

watergirl

Wed, May 25 2016, 2:48 pm

Where I live, 40k isnt "short" of a down payment, it IS the down payment. How far are you into the process of house buying, and in what country, are you, that you haven't figured it all out yet? Usually, people have these things lined up BEFORE they begin the process. Like the other poster who just bought a million dollar house and is NOW thinking, "how will I make these payments, I'd better go borrow", isnt this part of your cheshbon before you go house hunting? How will any bank (assuming your in the US) give you a mortgage if you cant show them that you have the down payment ready?

Happy18

Wed, May 25 2016, 2:59 pm

I hope you mean 4000 and not 40,000. If thats what you have left of your downpayment how big of a downpayment are you making????

doctorima

Wed, May 25 2016, 3:25 pm

Sorry to burst your bubble, but I can't imagine there's any publicly available source of borrowing amounts like that, especially for such a long time. Your only options would be to find a family member or close friend with that kind of money. Otherwise, you'll need to take a larger mortgage or reconsider whether you can really afford this house.

amother

Saddlebrown

Wed, May 25 2016, 3:40 pm

Relatives. U have to be careful with gemachs if u want to get a mortgage.

justmarried:)

Wed, May 25 2016, 4:27 pm

Don't think you could afford the house your buying

sandwitched

Wed, May 25 2016, 8:47 pm

Sorry if I wasn't clear, the 40k is not only for downpayment, it's closing fees and moving expenses. I do have an exact payment plan, it's just the cash that I don't have.

So basically it's not that I can't afford the house, I just don't have the cash towards it. I don't think that means that I'm unable to afford the house. And it's not a million dollar house. it's around half a mil.

The Happy Wife

Wed, May 25 2016, 9:11 pm

It doesn't sound like you have an exact payment plan if you're 40,000 short. Also, taking out a loan that size right before you get the mortgage could affect your getting approved.

Mimisinger

Wed, May 25 2016, 9:23 pm

sandwitched wrote:

If you don't have the money for the house, you don't have the money for the house. And, any loan that you're going to get is going to charge interest. Your payments are going to be huge and you're going to be starting a post next year, crying that you're overwhelmed, and can't afford your house. CH"V. Be careful and see a financial advisor before you get into this mess.

LiLIsraeli

Wed, May 25 2016, 9:25 pm

sandwitched wrote:

Sorry, that does mean that you're unable to afford the house.

amother

Saddlebrown

Wed, May 25 2016, 9:55 pm

If u r 40k short than u cannot afford the house.

amother

Hotpink

Thu, May 26 2016, 12:25 am

We borrowed a little bit from a few people including family and friends. Rather borrow from many people a little than from few people a lot, so that if someone wants his money back, you don't have a hard time coming up with 5K instead of 20K. Also, you MUST have a plan of how to pay it back and the person you're borrowing from may want to know the plan.

BTW, I followed your thread a while back on where you should move to. Where did you decide to go? Obviously out of Brooklyn if it's half a mill.

sandwitched

Thu, May 26 2016, 2:48 pm

We do have an exact payment plan. But I we also have another option so we'll havta see which one will work out for us.

Hot pink, we found something in main Monsey bh.

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