How To Finance
Hello, I am new to this forum, I just found it, and I am impressed with the information available here. I have a newbie question I hope someone can help me with. I have found a property I am interested in. It is a single family residence on a commercially zoned lot on the main street of town. The asking price is $165,000 and the owner is willing to carry 25% of the purchase price.
My question is regarding the financing of the remaining 75%. How do I handle this financing. Do I need to find a lender that will allow the owner to carry the 25% or is this standard procedure with most lenders. Does the transaction with the seller take place out of the view of the lender? I am hoping to get into this deal will the closing costs being my only out of pocket expenses. I am just not sure how that happens, I am sorry if this is a ignorant question. I own two commercial properties that house my optometry practices but on each of them I obtained conventional financing and put up the down payment myself. Thank you for your help.
Talk to a mortgage broker and he/she should be able to set you up nice. even if you have a low credit score this deal should be no problem.
Thank you for the information. My credit score is 760 and I have been pre-approved for a conventional mortgage. I guess it is just hard for me to believe that I can make this deal happen for next to no money out of my pocket. I have enough cash on hand to cover the 25% down payment. I was just not sure if I needed to write the seller a check for down payment and then after closing borrow the money back. But it sounds like this is common practice and I will call my leader to make sure they will lend this way. Thanks again
Are you a foreign national? Are you sure you have no credit score? There are programs out there for scoreless individuals but make sure you are, the lender will...
This would be a scoreless loan, not just a no income, no asset loan, which would probably be easier.
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Thank you both for your great suggestions
Is it possible? - Yes
Does it come easy? - No
Just so you know, stated income means you are stating your income but the lender still verifies your employment history. If you stayed in the same line of work that you have been in the last two years, not a big deal, but if you went from a chimney sweeper to an underwater welder, that will certainly give you another obstacle. I would reccomend hitting some of the good beginner books like Building wealth by Russ Whitney, or stuff by Robert Shemin or Robert Allan.
GL
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mark i have some questions for you. can you email me at **Please See My Profile** i am not going to pay to get members info. thanks