ED---Creative finance questions - Posted by Dee

Posted by Tim Fierro (Tacoma, WA) on July 13, 2002 at 13:08:16:

The above is doable if you are doing this for your own personal residence. You need to find the right seller (willing to do it) and the right house (appraisal higher than purchase price) and you can roll everything into the closing costs you need along with a grant. If this is not for your own residence, then you would be paying too much as an investment.

ED—Creative finance questions - Posted by Dee

Posted by Dee on July 12, 2002 at 11:58:44:


I have been approved for a mortgage with a maximum purchase price of $150K, with a minimum down payment of $15K (10%). Of that 10%, 5% must be from me, and the other 5% can be from the seller. I have poor credit (under 600), good income (about $60K), and about $4K to 5K in cash. I will not only need to utilize a “sellers second” for the 5%, but I will ALSO need them to pay the approximate 3% closing costs. Is this something that I should consider “reasonable”? If so, would the seller have to be desperate to do so?

Also, if I need to raise $3K to $5K in additional funds, how can I qualify for a loan or hard money? I noticed you mentioned that your company provides loans. Is this something I should look into further?