Seller Financing Question

[Chase Caudill]

Hello everyone!

I have a seller financing question for everyone. I'm excited to get my first seller financing deal on the table, but it has some contingencies I'm just ignorant on. The break down they are offering is a 120,000 dollars 15 year fixed loan at 3.5 interest and zero down payment. The part I'm not sure about is, after 5 years they want me to pay the remaining balance on the loan through a different lender. Basically I would have a traditional loan for the remaining amount after five years. The main question I have is for the refinancing part could I switch it to a 30 year loan and would it require a 25 percent down payment? I just haven't done enough research on refinancing and seller financing to feel comfortable. I hope this all made sense. Any type of information would be great. Thanks everyone!