Finding Mortgage Money - Posted by Shelia

Posted by PBoone on October 22, 1998 at 14:43:34:

Conventional mortgages are a major part of our operation and to date have been extremely beneficial
One clue in your writing was "15,000 out of pocket"
Well who’s pocket? Some sellers we have worked with loaned us the down payment money in the form of a note payable @ a reasonable rate of interest.
Other sellers just want the monthly income w/o rental hassles, That is where a Lease option comes in to play.
Those are just two of many creative ideas. Talk to the seller let them know your interest and concerns when both parties want the same thing (change of ownership) then it can be worked out.

Finding Mortgage Money - Posted by Shelia

Posted by Shelia on October 22, 1998 at 08:30:26:

Obviously the “conventional” way of obtaining a mortgage will not work for me — what are some ways to “creatively” finance a house? Found a great house–
Seller will agree to helping with closing cost (which in MD are pretty high) but the mortgage company is telling me I need 15K out of pocket to close on a 71K house! Am I nuts or are they?

Help – time is of the essence!