Seller Provided Financing For Down Payment
I'm curious if it is possible for the seller to finance my downpayment. I'm looking to purchase a duplex in Long Island, NY. A down payment of 20% would be $70,000 for the property. I currently have $100,000 in cash but I don't want to tie that up. Has anyone done this type of deal and is it even possible to do since I want to get a conventional mortgage on the property and I'm not sure if the mortgage company would even allow this.
If this can't be done what other creative financing options can I explore?
Any feedback would be greatly appreciated.