Use Your Line of Credit to Own Your Home

You've been renting a house for far too long and now long to own a home of your own but don't have the financial werewithal to consider such an option. Now, now, life ain't so bad. If you don’t have the down payment to purchase a house but are able to afford a house payment as much as your monthly rent, an 80-20 (80% first mortgage - 20% second mortgage) no money down loan could get you out of the rent trap. Bestsyndication.com reports:

MortgageDaily.Com shows “The second lender-the one who is only financing 5% to 20% of the loan-doesn't see much benefit from lending the money unless he can actualize a high interest return. If the buyer borrows from the same financial institution, they could open a home equity line of credit and withdraw two separate amounts; one amount for 80% of the loan and 20% for the “down payment”.

Read more: Using a Second Mortgage for an 80-20 No Money Down Home Purchase Loan