Deals With Lenders
If I have a Contract for $45K and I know my lender will only consider lending on $50K and up, I would want to write up the contract for $50 and take a promissary note from my seller for the remaining $5. I just want to be sure that it is legal in NC.
Thanks
If the home needs 5 thousand in repairs is there not a way to add that in the loan?
My suggestion would be to find a lender that will do a $45K loan. I ran into this a lot trying to use conventional mortgage brokers and lenders, but I have found an investment lender that will do loans as low as $30K. You may want to try them. They are financial help services out of Lake Wylie, SC.