Will this work? - Posted by Jennifer

Posted by Jennifer on January 20, 2004 at 21:19:54:

House appraises for $70K, buying it for $57K. Plan to lease/option it out at $650/month.

FICO score: 620

$45,600 (80%) in new financing.

Seller will hold a note for the other 20% (I DON’T have the cash for the down payment, doesn’t bank want me to have my own money?)

Interest-only payments at 10% for five years to seller, with balloon at end of five years for the $11,400.

This will be no-money-down for me, but will a bank do this for me with a credit score of only 620, and no assets to speak of?