Re: Anybody done - Posted by John OH
Posted by John OH on January 29, 2002 at 07:09:06:
I am not sure if you are asking this question as a seller or a buyer so here are several answers. Most banks will want the buyer to have 3-5% of their own money in the deal. If the buyer uses an Ameridream or Neimiah or similar down payment asssistance programs the buyer can come to the closing with as little as $600 usually. (but the seller pays the 3-6% in these cases)(BTW these do not have to be FHA)
As a seller, 2 out of 3 of my deals seem to be sold this way, with us carrying some sort of “carryback”. Most seem to pay the pmts on time.