Yes. You can use a personal loan to buy a house. The seller doesn’t care where the money’s coming from, just that it’s there on closing. As for your source of a personal loan-don’t do anything deceptive. But most personal loans really don’t requir.

Are you having a tough time qualifying for a mortgage from a traditional lender? Whether you fail to meet the lender’s qualification criteria, don’t qualify for a FHA or VA loan, or wish to purchase a home the lender won’t finance, a private lender may be your only other option.

 · A hard-money loan can have interest rates in the teens, require a down payment of 50% percent or more, and require higher rates and fees compared to traditional forms of financing. Private loans are usually issued only for the time needed to buy, repair and sell the property.

What is a Personal Loan? A personal loan is an unsecured installment loan with a fixed interest rate that is repaid in equal monthly payments. You may be able to receive up to $45,000 by the next business day to take control of your financial goals – whether that’s consolidating debt, making home improvements, or making a major purchase.

Buying Home loan as Private Mortgage Shoppers If conventional financing is not possible, there are alternative types of loans which maybe more appropriate to help you finance an investment property. 2. HELOC or Home Equity Loan. A HELOC or Home Equity Loan is applicable when the lender uses an existing property that you own as security for the loan. This loan is typically in addition to.

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You will almost never be able to use a personal loan for a down payment on a house. Shawn Proper, senior vice president of mortgage and consumer lending at Mars Bank, explains why. "One of the things we are required to do as a part of the underwriting process is verify outstanding debt and credit inquiries from the past three, six or 12 months," Proper says.

However, properly underwritten and compliant, private consumer loans can be a great Plan B, not only for borrowers who can’t qualify for Plan A, a conventional loan, but also for mortgage professionals and real estate agents whose clients may not otherwise be able to find a conventional loan resulting in losing the purchase of a home.