Question about seller financing and FHA loans

[Paul Smythe]

I am living in a condo that I purchased a year ago with an FHA loan. One of my marketing strategies is offering a "nothing down" purchase. Because the FHA loan is assumable I am offering seller financing to cover the remaining balance of the purchase price less the loan balance.

I'm wondering how I handle seller financing. Am I able to create a note and mortgage? As part of the agreement do I just detail a monthly payment plan and not mention seller finance? I'm not sure about what I'm able to do because I'm not a lender. Obviously seller financing would put me in second position, but I don't know what is allowed. Thoughts?