One caveat...make sure you fully understand that there will likely be a balloon payment...5 years, 7 years...something like that. Make sure you are absolutely confident that you can pay off the note or refinance at that time, or else you risk foreclosure.
Good luck! We recently were able to find a wonderful home in Scottsdale for clients with a 20-year amortization (no balloon) and a decent rate with about 25% down. Sellers are more willing to offer these terms in todays market...the security of this income producing event is often more attractive than the whims of the financial markets.
Patti Irwin- Fountain Hills Realtor
480 888 6708
Never do any kind of these transactions UNLESS you have an agent represent you
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors