Unusual situation..need loan advice
Hello BP,
I’m in a different situation, I’m hunting for my primary residence and I happened to find a off market deal. The owner has stage 4 cancer and will sell me his house “if” he can live there until he passes, which unfortunately won’t be long. Well I got approved for a 5% down conventional loan. But the bank said if he continues to live their after I purchase I will need 20% down since it would technically be a “investment property”. Problem is I don’t have 20% down. He’s giving me a great deal and I don’t want to pass up on it. What kind of loans/ creative financing could I go about getting? Could I not tell the bank he’s living there? I have enough to put 10% down but even then I can’t find any bank that would take that on a “investment property”.
Any advice would be greatly appreciated.
-Jacob