Re: Beginner Investor Starting Out - Posted by Ed Garcia
Posted by Ed Garcia on July 31, 2001 at 12:25:50:
You don’t tell us what state you’re in, but I see opportunity here.
I can see that your uncle is motivated to sell as an out of state owner and will work with you as far as how to do the deal. I think your first move is to go to a mortgage broker and get you and your husband pre-qualified for a loan. Then you will know how to structure the deal with your uncle for a possible seller carry-back.
Once you explain your situation to a GOOD mortgage broker, they should be able to take the ball and run, showing you and your husband what programs you can qualify for.
Even if you have to go sub-prime you should be able to get into the deal will 5% down, with a seller carry-back. If you have a credit score of 620 or better, you may even be able to do 100% financing because the deal is owner occupied.
Good luck Tina,