Is there a legal way... - Posted by jlb

Posted by Chuck on May 12, 2005 at 23:30:32:

Is there a legal way… - Posted by jlb

Posted by jlb on May 12, 2005 at 21:43:41:

Can a buyer get 100% financing for an apt. bldg. without seller financing or falsifying documents? Buyer for my bldg. has good credit (over 720 FICO), just not 25-30% to put down. I have passed up many offers on my property because they involve shady ways for the buyer to finance like having all the buyer’s expenses show up on the seller side of the closing papers. This makes the brokers happy because they can bake all that padding in the cake but it’s dishonest and I don’t want to look for ways to write it all off at tax time. I’m getting frustrated… I’m realizing not many people have that kind of downpayment money and I’m getting tired of doing this dance with unethical brokers and naive buyers.

Re: Is there a legal way… - Posted by wes

Posted by wes on May 13, 2005 at 09:50:23:

Not 100%.
But with that score, if the loan amount is $1,000,000 or less, there is a Standard Program that would allow a borrower to get 90% without a seller held second or up to 95% with a seller held second.

For loan amounts over $1,000,000 and LTV over 80%, it would basically be on a case-by-case basis looking at both the property and borrower