Posted by Mr Donald (NORVA) on October 20, 1998 at 16:37:53:
GC,
What is the seller’s current financing? If it is less than 80% of the Appraised Value, there are lenders who will hold a first, and allow you to have the seller carry the second - with out anything down.
Mind you the interest will be higher than a conventional loan, but with a few months seasoning you should be able to refi at a more comfortable rate.
Mr Donald.
Owner financing? Newbie - Posted by GC
Posted by GC on October 20, 1998 at 15:58:07:
I am currently looking at a TH to live in. One of the options that I was exploring was to have the seller carry a second so to avoid mortgage insurance.
Are there conventional loans out there that will loan 80% and let the seller carry a 20% second (no money down on my part)?
We approached on lender and they said that I would have to put 5% down for them to make the loan.