Financing in Vineland>Question Details

Debsaul, Home Seller in Vineland, NJ

I am the seller of a condo(only two units in the building) My neighbor owns the other half and is presently renting her half. My side is for sale

Asked by Debsaul, Vineland, NJ Sun Jul 4, 2010

and my buyer need to find a mrtg. FHA will not fund because of the rental situation. The condo is warrantable. She has 5% down and a great credit history. Is there any product out there that can get her a mrtg? Even if I Mrtg. the 15% (80-15-5) would the property still be eligible to be sold?

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Hello Debsaul,

I have a couple of suggestions and would love to speak with you. I work for Maturo Realty, Inc. in Vineland, NJ. You can reach me at any time on my cell phone 856-207-4678 or email:
0 votes Thank Flag Link Mon Jul 5, 2010
Your best bet, I think is to call a couple of mortgage agents. A couple that I work with are Tim Hoffman from Oak Mortgage (856-690-1212) or Lynda Homiak from United Capital Lenders (609-774-3476 or
I think holding the mortgage is not a good idea. I say this for a few reasons:
1) Reselling a mortgage isn't so easy and will cost you money
2) Buyers of the mortgage are not going to give you 100% of what loaned out, unless you got great terms
3) The 5% downpayment is not enough for financial safety.
4) With such little downpayment, you definitely won't get 100% of your loan back when you sell it

I hope that helps.

David Lowenstern
Realtor Associate
Exit Uptown Realty
0 votes Thank Flag Link Mon Jul 5, 2010
Hi Debsaul,

You might consider offering seller financing to the buyer. In this case, you will act as the bank. The buyer will give you the down payment and make a monthly payment to you instead of a bank. Once you have that Note from the buyer you can then sell that Note to a Note Buyer and get to cash. In your area, either a Title Company or a Real Estate Attorney can assist you in the paper work. Good luck!

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Mon Jul 5, 2010
Hi Debsaul. BAsed on what you've shared, if the condo is warrantable and your buyer has 5% to put down, and so long as NJ is not considered a declining market which means she would have to put down an additional 5%, she should be fine going Conventional.
0 votes Thank Flag Link Sun Jul 4, 2010
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