Home Buying in 12801>Question Details

michshell2009, Home Buyer in Queensbury, NY

Private Mortgage

Asked by michshell2009, Queensbury, NY Wed Jul 31, 2013

How would I get in contact with someone for a private mortgage. Been rebuilding my credit and have had some problems. I will have a 20% deposit and looking to buy a townhome / condo.

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You might consider asking a seller to become the private mortgage holder, especially if the home you like has been on the market for a while (six months or longer). You have to be willing to make a substantial non-refundable deposit/down payment and then ask the seller to hold the balance for a period of time (usually 3 to 5 years) after which time your credit should be repaired sufficiently to obtain a refinance mortgage from a lending institution which you use to finally pay off the seller. Not many sellers are in a position to do this, but some can and do...and they typically make more money as they get to collect interest. Be happy to discuss in more detail if you want to give me a call sometime: Frank Lyons, Licensed Associate Real Estate Broker/Coldwell Banker Prime Properties/518-307-9109.
0 votes Thank Flag Link Wed Jul 31, 2013
Look to seek some Mortgage Brokers that will work with what they call "B" paper. Since you appear to be in my general area, can give you a few names or lender(s) to consider. Email me at Allan.Erps@RandRealty.com. Best of Luck, Allan
0 votes Thank Flag Link Wed Jul 31, 2013
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