Residential Mortgage
Current market for first residential mortgage loans?
Assuming average credit score for a borrower, lenders will finance 80% of the value of a home as a first mortgage if the borrower provides little or no money down (ie, provided that the borrower find a lender, family, or friend is willing to borrow during a second mortgage)? Is the first mortgage lender care how the borrower's 20% down?
The lender requires a down payment from borrower own resources. The reason is that a buyer who has a lot to lose if they default on the mortgage is less likely to default. If a buyer borrows their payment the buyer has nothing to lose by defaulting on both loans beyond their intellectual credit. The lender is simply not willing to hold too much of risk. However, you may be gifted up to $ 13k per person (I think) without being subject to gift taxes and may have "under the table" loan agreements to give people in your life. As long as these loans do not exist as liens on the property you buy, they can be found.