Attn Notebuyers: How much can I get for this?
I want to sell a home using owner financing and this is how i want to structure it:
Sale Price: $155k (It will appraise for this easily)
down payment: 5%
2nd morgage: 20%
1st mortgage: 75%, 9%, 30 year amortization, 4 year balloon
I would like to sell the 1st mortgage at closing. My question is what kind of credit score would the note buyer be looking for and what kind of discount would I have to give?