LOAN TO PURCHASE HOUSE.

mebozo22 wrote:

I am buying a house in Quang Nam.  Since it is cash only. Me and my wife are 200 million dong short.  i need to borrow that amount with two year pay back of $500 USD (11 MILLION VND)PER MONTH  FOR TWO YEARS

CAN A NYONE TELL ME WHERE TO GO>

THANK YOU
ROBERT

Is your wife Vietnamese?

my wife is vietnamese

You can't work out an installment plan with the seller for the 200 mil? At 11 mil for 2 years is a lot of interest and he/she would probably be interested in that arrangement.

I don't understand, 200M dongs is very little money when it comes to buying a house, it's like the smallest mortgage ever. Can't you just get a loan from an American bank? Even a credit line would do.

the 200m is what i am short,  i have the balance,  the house is cash only because of seller problems.  interest may seem high but less than i am paying in rent in HCM     USA BANK LOAN NOT FEASIBLE.   LOST  MOST OF RETIREMENT FUNDS $300K  DURING THE RECESSION AND UNABLE TO RECOVER

Has your wife tried for a loan. You wont personally get a loan here unless you know someone. You may have luck using the house as a bargaining tool.

mebozo22 wrote:

the 200m is what i am short,  i have the balance,  the house is cash only because of seller problems.  interest may seem high but less than i am paying in rent in HCM     USA BANK LOAN NOT FEASIBLE.   LOST  MOST OF RETIREMENT FUNDS $300K  DURING THE RECESSION AND UNABLE TO RECOVER

The best things are let your Vietnamese wife deal it with local someone, 200M VND still not a big amount in here. She may be able to find someone who can lend this money for her with some interest, (No Idea about percentage) and you can be her guaranty.

Your wife should be able to get that sort of money very easily from the local money lenders. High interest rates but what to do if you are stuck?

Short term suffering for a long term gain

Update on this thread - stopped - since purchase was to be 1 of 3 sections after research found out new red paper would take over a year and the current zoning of farm land would not be changed as it is part of flood control of river streams for rice fields.

Now need to borrow $20,000 to construct house. Wife vietnamese very religious will not do anything involving money. iam 82