2 Nd Mortgage
Im a Realtor dealing with a buyer in Orlando, Florida with a 515 credit score, we are trying to get her in a home with no money down. She only qualifies for 80/20 Ltv. The mortgage guy mentioned something about making the seller hold a second mortgage for the 20% which umbrellas her down payment and closing costs. But is there another way we can structure this deal because it doesnt seem as if any seller we are contacting is interested in holding a second mortgage, they just want to sell and get out. Are there any other methods to make this work with noi money down, no closing costs money?????
Please help!!
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FNMA, VA, FHA???
Looked into these routes?
Yep, you must find a home with enough equity for seller financing or your client can find and Lease Option (L/O) and purchase the home in a few years. Your clien is a perfect candidate because by FICO score alone conventional lenders want a 1st position of 80% loan to value (LTV)
You have a qualified candidate for a flexible L/O program.
Eric & Rosa
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