Updated almost 5 years ago on . Most recent reply
What to say to martgage broker when you...
Im in negotiation with my current landlord to buy.
I want him to finance the down payment. Traditional financing for the remaining 90%.
Do I explain this to my mortgage broker? They keep asking about “where are the funds for the down.”
Any guidance would be appreciated.
Most Popular Reply
If want to go conventional they won't allow that to happen. If that was possible, every buyer would have the seller finance the downpayment and come in with little to no equity.
You would be able to have the seller carry 90% if you come in with 10%. The seller would have a first position note at a 90% LTV at that point. It's up to negotiation. However, It doesn't work how you are picturing it in your mind.