Posted by Chris on November 08, 2004 at 22:27:18:
Ask the seller to hold a 2nd mortgage for the other 10%. Sellers are asked to do this in most deals that large. It will be difficult for a seller to find anyone willing to drop $100,000 anyway so he may be more than willing to help you if you come in with $50,000.
creative financing - Posted by Damian
Posted by Damian on November 08, 2004 at 20:13:50:
I found a six unit property that I am interested in purchasing in Minnesota. I have about 50K for the down payment and excellent credit. However the property is 425K so the 50K doesn?t cover the typical 20% needed down. The property will appraise for approximately 500K. Are there any creative ways to make this deal work?
Thanks, I enjoy reading everyones comments!
Re: creative financing - Posted by Rob_TX
Posted by Rob_TX on November 11, 2004 at 14:02:55:
See if you can get an 80-10-10 or 80-15-5 financing. Talk to numerous lenders to see what they can offer. These days the only reason to go in with 20% is if you don’t want to have to pay for mortgage insurance.