Seller financing financial questions

[Enrique Toledo]

I came across a really good seller financing deal and I would like to purchase it as my first deal but I don’t have enough money for the down payment.

can I use a lender of some sort to give me money for the down payment?

Is there another way I can structure the deal?

If I can use a lender, how would that work?

[Ko Kashiwagi]

Have you already talked to the seller? You could put seller financing on second position and get financing for the first and do a 90% CLTV.

I don't think any lender (unless private) will let you put nothing down. If you don't want to put a single dollar down then you can just structure a 100% financing with the seller

[Mike Grudzien]

A borrower really needs to have at least some "skin in the game" to make lenders feel comfortable.

[Enrique Toledo]

Quote from @Ko Kashiwagi:

Have you already talked to the seller? You could put seller financing on second position and get financing for the first and do a 90% CLTV.

I don't think any lender (unless private) will let you put nothing down. If you don't want to put a single dollar down then you can just structure a 100% financing with the seller

Hey Ko, it’s nice see you again.

I’ve spoken with the seller and they want a 10% down.
I think I’m going to wholesale this deal if I can get good terms, but every once in a while I come across a good deal that I would like to purchase as a buy and hold.

what type of loans would you recommend for traditional buy and hold?

[Tom S.]

@Enrique Toledo  If the seller is firm at 10% down, you can always get a personal loan for that 10%.  However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.

You didn't mention if this would be a rental or owner occupied. If OO you can do FHA loans with as little as 3.5% down.

Good luck!