Posted by Jason-DTX on March 09, 1999 at 01:56:34:
Then just take back a second. If they can quailfy for 80-85% they might qualify for an 80-20-0 or 80-15-0 loan. Worse case is they may need 5% down in an 80-15-5 or an 85-10-5 loan.
Steve Cook had a good idea on hiring them to do some work on the house and pay them enough for the down payment. That should allow them to qualify the income and use it as a down payment.
Jason Windholz
Need help structuring a deal - Posted by ScottE
Posted by ScottE on March 08, 1999 at 07:51:37:
I may have found a buyer for a small home I am selling. It doesn’t sound like they are going to have a ton of money to put down, but can qualify for a loan/mortgage.
My question is this: If they can only get a 80-85% LTV mortgage, how do they “show” a down payment to me in the 10-20% range? Don’t most lenders require showing a cash down payment?
I have no problem taking back a second.
Thank you
Scott