What does it mean when the ad says " seller will hold second mortgage?"
Suppose your lender will only give you 80% of the loan and you need the other 20% as down payment, well the seller can loan this 20% to you as a second on the house, and you walk into a house with no money down.
Do you then have the right to l/o this house out? Also, How does that look on paper to a bank when trying to get the loan?
Suppose your lender will only give you 80% of the loan and you need the other 20% as down payment, well the seller can loan this 20% to you as a second on the house, and you walk into a house with no money down.
Do you then have the right to l/o this house out?
Also, How does that look on paper to a bank when trying to get the loan?