Help Needed for Financing

[Steve J.]

Hello BP,

My parents have agreed to sell me their house. The value of the home is $125,000 and they owe $35,000. This will be an investment property, it’s located in NJ. I tried to do a “Gift Of Equity” loan but the lender I was working with told me they can’t do that type of loan on an investment property. Are there any lenders in New Jersey that are willing to do a Gift of Equity on an investment or are there other creative options that we can do here? One thing I thought of is partial seller finance, where I get a loan for $50,000 and pay my parents directly the $75,000 but am having trouble finding a lender that will do a $50,000 loan. Any help would be appreciated.

Thanks