Creative Financing

[Ronald Hunt]

I am in the process of trying to find finance options for a very nice duplex in the Indianapolis, Indiana area.  The home I'm looking to buy is $180,000; My offer that I am looking to make is $160k but I've only qualified for a mortgage of $100k.

I've attempted to come up with a few creative financing strategies like using the $100k loan as a down payment and a note that will allow me to pay the remaining 60k a year from the accepted offer, which will give me enough time to improve my credit score and refinance my original loan.  I was informed by the RE agent that it would not be a legal transaction with a mortgage and would actually affect the decision of the initial 100k financing.  

I'm out of suggestions on what other options I have to get the home financed.  I am very eager to hear suggestions and feedback from the creative investors on bigger pockets that could help me think of an alternative.

Thank you.

[Phillip Tillotson]

Carry back loan would work. This is where you put down 100k and the seller carry's a note for the remainder. You pay the seller back the 60k + interest.