Originally posted by @Connor Mckelvey:
@Richard Patrie, This is definitely something I could do. I have plenty of credit available. The big question I have is-- would the lender accept this?
I don't see why they wouldn't. As long as it doesn't adversely affect your credit score. It is a loan. Another option would be seller concessions. On my last purchase, we agreed to a price of 108K. My down payment of 20% was $21,600. However in the offer, I asked for a 6% seller concession. Meaning I financed the loan for $114,480 (6% higher) with the understanding that the seller would give me (concede) 6% or $6480 at closing. So my mortgage of $114,480 would require a down payment of $22,896. The seller would give me back the $6480, and my out of pocket is now $16,416. This reduces my out of pocket at closing by $5,184. The seller gets their 108K, and I pay less out of pocket.
You'd need to have your realtor right up a new purchase contract, but that wouldn't take any time at all. If you look hard enough, there is always a way to structure a deal.