Second lien to borrow gap on an assumable loan

[Mary Eubanks]

I am a Realtor and have a seller that has an assumable loan, but that still leaves $300K between the balance and the sales price. Any lenders have a program that would lend the gap with an acceptable downpayment?

[Elias Halvorson]

Hi Mary, not sure on Texas rules, I’m a HI lender and a second is very common with the assumables. Many local banks and credit unions will do a second up to 89.99% loan to value. So in your scenario, if the place you were selling was 1M, but the loan was at 700k, here, many local banks would do a 200k second leaving buyer to only need to cover the last 100k.