Expert: Sue Bernstein - 2/9/2007

Question
hello sue. My name is Reuben Raya, i'm 19 and I recently been looking for a home to live in. My question is, "can I use a bank loan for a down payment?". i've been looking at estates in california and found one for 30,000 in my area. I think a down payment is 15% but I was wondering If I can use a bank loan to pay it all off or use it for just a down payment. One last thing I don't have any credit so that might also affect getting a loan. thank you for you time a patience Sue Godbless.

Answer
Dear Reuben,

There are loans being offered by the banks that will finance the entire purchase.  You need to contact a lender and get pre-approved.  That person will tell you if you can qualify and, if not, what you need to do.

Hope this helps,

Sue Bernstein