Mortgage lender question. HELP!!!! - Posted by Richard

Posted by Darrin (GA) on March 08, 1999 at 24:06:30:

As long as all those payments are received by the seller before closing. 8^)

I’m just teasing you a little. It was a legitimate question, but lenders won’t take it that way. Note buyers might. I would do the following :

  1. Give the seller 5% down.
  2. Make the remaining payments in the form of a 2nd mortgage.

Mortgage lender question. HELP!!! - Posted by Richard

Posted by Richard on March 07, 1999 at 20:56:57:

Im done with the course and about to start. There is one question I have. Lets say I get a seller to accept a down payment that is spread out and it equals 20%. Will a bank loan me 80% when the downpayment is being handled that way? Anyone that could help would be great.

Re: Mortgage lender question. HELP!!! - Posted by John D

Posted by John D on April 10, 1999 at 21:47:25:

ask the seller to hold the note on the down payment not secured by that property until after closing at which time you will register it as a second mortgage.

I’ve done it.