Easy Home Equity Loan

Here is what I’m interested in doing … have an eye on a great condo, list prices were around 0k a few years ago, but they are just building and did it right during a down turn in real estate in the area. As a result they dropped the asking price to about 5k. We got a good walk thru with a realitor and she said cash is king here and if they have a cash buyer she knows they’ll likely settle in around 0k just to move the first few units (they build them by the entrance and that was a bad choice!)

So … my credit isn’t going to help with a conventional loan since it can’t be an FHA loan since the project is only about 15% complete and apparently they must do conventional loans for until the project is further along (that’s what the told us, so it was limited to 1 bank) …

Now to the point, I have a relative who may have around that amount in liquid finances. Can they "lend" me the money to purchase the condo and in turn I would then take out an equity loan to repay them? It should appraise at well over 0k and all I would need to to is pay them back to be free and clear. I’m guessing we could even wait a little while to pay them back (build credit up higher?) but I’d like to do that sooner than later.

What are my limitations? Is credit going to bite me on an equity loan if I own outright? Any resources, tips, info would be appreciated!

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