Posted by Claude(Sacramento) on March 02, 2000 at 15:33:18:
Owner of 3 SFH unexpectedly accepted my offer with a few minor changes. However, I don’t have cash for the downpayment. Here are the details:
220k total price for all 3 units, FMV
65% first mortgage
35% owner carry @ 10% int. w/ a ballon in the 3rd year
interest only payments
My dillema: To obtain a mortgage for the 65% needed all the companies that I have dealt with want 10% down (which I don’t have)
Anyone know of a lender in CA who can help? Any other ideas on how to make this happen?
Thanks in advance!