Posted by Ivan on October 07, 2003 at 24:57:25:
I was able to obtain a first mortgage of 75% LTV from one lender for a $100k purchase on a OO house. Because of credit issues I cannot get a 2nd from the same lender on the same property. I thought of trying to get a second for the additional 25% LTV from a different lender. Is that possible? We’re talking about a $75k first and a $25k second.
The seller doesn’t want to hold paper. If I can get a first and second from two different lenders will I end up with multiple closing costs? I’m going through a broker for my 75% first.
Anyone have any ideas.