Wrap help
Seller has a mortgage for 125k and wants at least 25k cash as a downpayment.
If I give her 25k down and take over the mortgage of 125k then our purchase contract should be for 150k, right (125 + 25)???
Also, how will this affect the seller if they want to buy a new house of their own? They are current on the mortgage, and I'll pay on time too. Will the bank include this in their debt to income ratios??
Thanks BP