I want to buy my neighbors house, and move into it as my primary residence! I do not have money for a downpayment but my neighbor said he would carry 20% on a second. I make enough money to qualify for my house and the new one....problem is their anyone out their that would do a loan like that? I know before the real estate crash in 07=08=09? some lenders would do 80/20 or 80/101/0 thanks any advise would be appreciated....btw, the house appraises at 200, he will let me have it quick sell for 165, and again will carry a second for 20% of the 165. Thanks
That's a tough one but maybe you can find a local portfolio lender [loans are not sold] that can make local decisions and set their own underwriting criteria. Because it will be your 2nd home until your current one is sold or rented out, the scenario gets a little more complicated.
If you have 5% down, then there are lenders out there who will allow a seller carried 2nd up to 95% CLTV... so you get the 1st for 80%, seller 2nd for 15%, and put down 5% fro your own funds.