If the original borrower can't make their payments, at least there's a chance you can.

Keep in mind in most states it is Illegal to discriminate against them for being on public assistance.

Occupancy Owner Occupied, Second Home, Investor Interest Only Option Up to five (5) years interest only, then P&I for the remaining 25 years REQUIRES MI LTV Limits Owner Occupied, Second Homes, 90% NO MI LOAN Limits $1.25 Million Credit Score Requirement: 760 International Borrowers are eligible for this program @ 80% Close your Daytona Condotel in an LLC - Requires Personal Guaranty; Does NOT report to personal credit unless there are lates or default --------------------------------------------------------------------------------80% LTV for condotels if credit scores 640 - 759--------------------------------------------------------------------------------No prepayment penalty******** End Quote ********With regards to commercial or residential status, that depends on where the property is located and how often you stay in the property.

There are hard money programs that would allow the borrower to get to 100 CLTV, but it would require increased seller participation (on the magnitude of between 35-40%).

LLCs borrow money all the time and the property is then deeded directly from the seller to the LLC.Mike

At the auction and after the auction the borrower largely has no control when it comes to agreeing a sale.

Similar in many ways to construction financing but used by borrowers who can not qualify for construction financing.5.

If he/she agrees to do a 35% carry back (hopefully a forgiven carryback) or provides incentives that can assist you with earnest deposit, downpayment, and/or closing costs....I say go for it!

Low home prices/values possible easy terms with local gov't assistance (tax abatements) 10-15 years and a need for good rentals near schools and medical institutions.

If you just lack credit borrowing to establish credit comes at a cost but it will pay dividends.John Corey