Posted by Vic on April 22, 2000 at 21:27:56:
I’m no mtg. broker. I am however a real estate broker & do know that as long as the person who filed bankruptcy, did so more than 2 years ago & if their credit has been fine since then, they shouldn’t have much trouble getting a loan. I’ve had people get regular conventional loans through regular traditional lenders with 5% down, after filing bankruptcy. Your post makes me think that your buyer may not be on the up and up with you about his credit. If he has 5% to use as a down pmt. & if his credit is as he claims, it shouldn’t be that difficult to get him financed. You can structure the contract so that the closing costs are added to the purchase price.
There are a lot of good mtg. people on this site & I’m sure someone can instruct you on how to get this deal done.