Found a buyer, but they can’t get a loan - Posted by Kent TN
Posted by Kent TN on March 03, 2001 at 07:53:38:
I just finished a rehab and am in the stage of finding a buyer. I advertised the house at $70,000, and I’m willing to hold a 15% second with a full price offer. We will still walk from closing with around $5,000. A young couple loves the house, made the full price offer, but here are the problems. They only have $1,500 for down payment. He has been self employed for 6 months. He did this same type of work with his father for 7 years, but now he’s on his own. She works part time, but soon will be going full time. All the “self employed” loans that I’ve found require large down payment and won’t let me carry a second. They say that their credit is good, but I haven’t checked it. Anyone have any ideas? Am I stretching too far to help this couple? I want to make this work because my 6 month rehab loan is up at the end of March and I don’t want to refinance or lease option.