To loan you some or all of the money for your downpayment, closing costs, etc.
Example: $100K purchase, bank will let you borrow 90% or $90K. Owner will finance (loan) you the other 10% or $10K. This loan will be a 2nd, or junior lien against the property behind the big, or 1st, mortgage.
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To loan you some or all of the money for your downpayment, closing costs, etc.
Example: $100K purchase, bank will let you borrow 90% or $90K. Owner will finance (loan) you the other 10% or $10K. This loan will be a 2nd, or junior lien against the property behind the big, or 1st, mortgage.
Roger