Creative Financing using Seller Financing

[Jane Paul]

Hello! I'm fairly new to the game, I have 2 other SFH, but I'm closing a deal on a 45K house (I know not much). I don't have enough equity in my other houses to finance this and I don't want to owner occupy the home. I'm conflicted because I know that if I get a conventional non-occupied home loan that the interest rates are high and requires a larger down, which is fine but I'd rather leverage if I can. One of my houses is seller financed and the note left on it is only 20K, and I know most investment loans have to be over 50K, so I was wondering if anyone knew a way to combine the two notes (one being seller financed another being the mortgage on the house I hope to close on). Any advice would be greatly appreciated!!

[Kevin Sobilo]

@Jane Paul, call local community banks (not large national banks) and credit unions. Often they don't have minimum loan amounts for portfolio loans.

A portfolio loan is one they will keep and not resell. So, its different than a conventional conforming fannie/freddie loan you might use to buy a primary residence.

A lot of portfolio loans are variable rate but some are fixed rate. 75-80% LTV would be common.