Need help with the 5%.... - Posted by IB (NJ)

Posted by ali on December 04, 2000 at 21:50:14:

yes there is a way
if u qualify on ur credit and tax return he should be able to get 107% financing,or 80/20 and 3% seller or 100% + 3% seller contribution. rates are always high for these loans.

Need help with the 5%… - Posted by IB (NJ)

Posted by IB (NJ) on December 04, 2000 at 20:30:18:

I’m obtaining a mortgage and getting financed with 95% LTV. I’m also able to get the seller to agree to carry a second on the remaining 5%. The problem is that the loan officer says that he doesn’t think the lender will go for this and will want to see me bring the 5% to the table (He hasn’t submitted the paperwork to Underwriting yet).

Under ‘normal’ circumstances, should I be able to finance the 5%? Is there any creative and/or legal way around this without me having to come up with the 5% (using my own money)?

Re: Need help with the 5%… - Posted by dewCO

Posted by dewCO on December 04, 2000 at 23:21:27:

The loan officer shouldn’t have to submit to underwriting. He/she should know what the parameters of the different loan programs are. Might do as Ali said and switch programs to something that works. You probably need a more knowledgable loan officer!