Help! Getting creative on financing

[Whit Dhamer]

I am under contract for purchase of my fifth investment condo in Chicago. I have hit an unexpected issue on financing, and cannot qualify for a traditional mortgage (bad move filing 2017 taxes under schedule C!)

I would like to propose to the seller the following:

I transfer to the seller a cash amount (perhaps 10% of sale price) today to secure the sale, until I can qualify, likely in Q3 2019.

I would pay the sellers mortgage obligation in the meanwhile and I’d also like to do the renovations I have planned.

Lawyer and mortgage broker are not loving the idea. Want me to have a family member take on the loan instead and get the sale done.

Anyone have any advice?

[Joe Villeneuve]

If you're seller financing, what does the mortgage broker have to do with it?

...and, I've never seen a great creative deal...that a lawyer liked (at first).

Here's what you do:  Buy an option on the property.  

This will lock it up for at least the length of time you need to qualify.  You don't need to make any added payments since you own the option...nobody else can buy this property during the option period.

When you qualify, then you exercise your option and buy the property.