Can an SBA loan be used as a down payment on a residential mortgage?
Thursday, July 23rd, 2009
Aulede25 asked:
Here is the scenario, I am considering purchasing a home based day care for $680k. the day care is $180K and the seller will carry the note. The home is the other $500K. Can I use an SBA loan for $100K to use as a 20% down payment on a residential mortgage. Then I could put 10-20% ($10-$20K) down and purchase the entire package?
Tim
Here is the scenario, I am considering purchasing a home based day care for $680k. the day care is $180K and the seller will carry the note. The home is the other $500K. Can I use an SBA loan for $100K to use as a 20% down payment on a residential mortgage. Then I could put 10-20% ($10-$20K) down and purchase the entire package?
Tim