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I would like to know if I could buy I home with 20% down do minor fixes and reselling it could I do that or will I need to take out a loan and pay that in full in order to sell it?
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Not really understanding the question.
You can buy a house with 20% down and take out a loan for the remainder.
When you sell the house, the remainder of the loan needs to be paid.
Originally posted by MarcJoe View Post -
If you buy a home with 20% down, you would get a mortgage for the other 80%. When you sell, you would use the proceeds to repay the mortgage and get to pocket any profit beyond that.Steve
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Yes, as your house is in 80% mortgage so you need to take permission from your mortgage lender. Or you should pay the full mortgage otherwise lender will send you shortfall notice, you may also need to go to the court.Comment
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