Question by : if you purchase a home for 0,000 with 100 percent financing, and after 15 years, you pay off ,000 of th? if you purchase a home for $ 100,000 with 100 percent financing, and after 15 years, you pay off $ 20,000 of the principal on your loan and the value of your increase to $ 135000, what is your equity build up? How much would your home have to be worth to achieve $ 100,000 in equity build up assuming the same $ 20,000 loan principal pay off? Best answer for if you purchase a home for 0,000 with 100 percent financing, and after 15 years, you pay off ,000 of th?:
Answer by Patrick Dexter
If you've only paid $ 20K after 15 years on a $ 100K mortgage, you are in very bad shape. Wow.
Answer by Caveat Emptor
If you've paid off $ 20K, then you still owe $ 80K. If the market value is now $ 135K, your equity is $ 55K ($ 135K - $ 80K). For $ 100K equity, the market value would need to be $ 180K.
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The days of obtaining 100 percent financing on investment property from bank mortgages are over. There are government programs for first time home buyers, but that excludes investment properties. The traditional methods of buying property with no money down all include owner financing. Here are some examples:
Wrap Around Mortgage: This is where a seller finances the property by obtaining a new mortgage that is more than his or her existing mortgage. The seller charges the buyer a higher interest rate in most cases.
Seller-Financed Second Mortgage: Here the buyer gets a new first mortgage and the seller issues a second mortgage in lieu of a down payment. Most lenders will not issue the first mortgage if the second mortgage is done at closing, so this is best done privately between the buyer and seller.
Bond for Deed or Land Contract: Here the buyer assumes responsibility for the seller's existing mortgage.
The bank with the existing mortgage can't stop it because title to the property does not actually transfer to the buyer until the existing mortgage is satisfied.All out owner financing: It is rare to find a seller who has no debt against a property, but they do exist. When a seller has no debt they can finance the full amount of the property investment. This is attractive to some sellers because they usually will get a higher price than on the open market, and they receive interest on the amount financed.
After the Savings and Loan crisis there were many investors who bought property through the Resolution Trust Corporation for pennies on the dollar and turned around and owner financed sales of the real estate they bought. We will likely see something similar coming out of the current housing crisis.
If so, it will be a hey day for savvy real estate investors. Related 100 Percent Financing on Investment Property Issues
Very good informative information regarding financing on Investment Property,thanks a lot for sharing it.
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