Reply
Established Member
bigjim1
Posts: 39
Registered: ‎05-14-2014
0

80/20 Mortgage Loan

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

Valued Contributor
ezdriver
Posts: 1,918
Registered: ‎08-24-2013
0

Re: 80/20 Mortgage Loan

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.

 

 



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge
Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
0

Re: 80/20 Mortgage Loan

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.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}