Creative financing Q

[Julie J.]

Hello all

I am trying to buy SFH, probably cost a lot more for what I qualify for. I have good income with substantial down-payment. The only problem is getting qualified for the loan because even with good income and down-payment, I think the homes in my area cost a lot more than what I qualify for.

Please, anyone has done creative financing or know anyone who specializes?

Thank you all

JJ

[Chris Seveney]

@Julie J.

My recommendation would be to wait until you can afford a home with traditional financing. Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.

Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad. It’s done but can be risky.

Just my 2 cents and how I approached my real estate / home ownership process - not saying it’s right or wrong just sharing my experience