How low of a first for 100+% financing?

[Craig L.]

I'm trying to work a deal for a 4-plex in which I take a little bit of cash back at closing, or at least have financing cover all closing costs and prepaids. Purchase price is $140k, existing mortgage is about $50k. Could I get a lender to give a first mortgage of say 60% LTV ($84k)? This leaves $33k after the existing mortgage payoff. If I can get the seller to hold a second mortgage for $63k that would give him $26k and me $7k at closing.

So my question is, given that the overall financing would be 105%, would a conventional lender grant a 60% first or would it have to be lower, or would they even do it at all? If the seller is fine with their second mortgage and 105% financing, what other sources could I use to get that first mortgage?

Thanks!