Posted by Brent_IL on January 29, 2002 at 03:15:41:
People do it every day, but why fool around with it?
Make a 100% offer asking for a seller credit in escrow totaling 5% of the contract price to re-paint the place and change the carpeting.
I wouldn’t be too gung-ho on the 100% either.
Anybody done 95% LTV OO w/5% Second Carry Back? - Posted by Mark (IL)
Posted by Mark (IL) on January 29, 2002 at 02:31:51:
Just Curious,
Has anybody created a nothing down transaction either as or two an owner occupant using a 95%LTV first mortgage from a financial institution then using a 5% Seller Carrybcak second mortgage to allow the purchase by an owner occupant with nothing down? IF so, please email me as I have some questions. Thanks.
Mark
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.
Good Luck
JOhn OH
mortgages - Posted by Ima Dumaz
Posted by Ima Dumaz on January 29, 2002 at 05:45:07:
How much LTV will most financial institutions lend?