Re: Ed - Buyer has 14K to put into home - help - Posted by Nate(DC)
Posted by Nate(DC) on July 19, 2001 at 21:20:19:
If he has 85% financing on a 192K home that’s $163,200. Add his $14K and that’s $177,200. Leaving a deficit of $14,800 plus closing costs.
The $14,800 has to come from somewhere. Either the guy has to get a second from somewhere, or YOU have to carry back a second for him.
How large is your profit on the deal? If it’s large enough, you could carry the 2nd for him and be done with it.
Does the guy not qualify for FHA? If he has been fairly clean for the past 12 months he should be able to go FHA, and scores do not matter for that.
Frankly with those scores I think 85% financing is about the best he’ll be able to get. He might be able to get 90% somewhere but certainly no higher than that, unless he can go FHA.