All Forum Posts by: Erik Schubert

@Gary Houck mine was a streamline. 

I pretty much would go through any necessary steps required to get into another low down payment situation. I'm single with no kids (that I know of at least) so it's fairly easy for me to make moves such as packing up to live elsewhere.

@Gary Houck No, I think my thread got misinterpreted. The loan I was pursuing is NOT an FHA loan, but very similar to the FHA 203K.

My loan officer is flaking on me, and I have not been diligent in calling him back. I only blame myself.

I do currently have an FHA 203K on my property I live in now. I'm happy to share any experiences and answer any questions I can.

I am also attempting to get the seller knowledgeable and to ultimately bite on seller financing.

I spoke with my mortgage broker today. To get a low down payment it will need to be owner occupied. 

No problem, I'll move, I'll do whatever I have to do. 

He says not that easy. The underwriters will want to know why are you going to move from a three family to a three family? 

I say, who cares!? As long as I'm living there. Do I need to have them over for dinner or something to prove I'm living there?

Has anyone been through this situation? 

@Bill Gulley 

Ahhhh! I searched for "loan servicing" and though I found companies, I did not really gain any knowledge. 

Thank you all for your wisdom, some of this stuff would take me hours to figure out. 

Wow, @Bill Gulley 

There's a lot to learn based on that last response.

I spoke with my RE lawyer, I left with the impression that he can handle the entire transaction, from the contract to closing....

My current thought is to go in with an offer of 0 down, and 4% on a 15 year note.

In all honesty, I'm thinking I don't want the property otherwise.

I have to be careful as I do not believe the seller has even given thought to seller financing. So I will need to educate them at the same time. So I don't want to blind side them

@Bill Gulley 

That sounds like an attractive situation for myself and the seller. Based on the numbers in my head (and using a online mortgage calc) even at a 4% interest rate the seller/mortgage holder stands to make about 50K on a 15 year note.

Can anyone chime in on what a down payment should be or typically is on a seller financing situation?

How about tax benefits for the mortgage holder?

Yes, I will start a search. Figured I would get the discussion going. Ill be back

What are the up and downs of seller financing?

I'm thinking about asking a seller if they are interested in holding the mortgage, but I know I will need to educate them and myself on the topic.

I have no experience with seller finanacing.