Will a bank accept a second mortgage financed by the seller?
I am buying a two family house in Queens, Ny and have 13% to put down. I am getting rates almost a full point higher with putting 13% down, as opposed to 20% down(plus the added cost of PMI). The seller is willing to finance the 7% as a second mortgage at at great rate for me. My question is with the tighter lending standards, will the banks allow this?
For an accurate answer why not speak to your loan officer, you will need their sevices anyway.
Anna
917-576-5376
abrocco@laffey
The simple answer is yes. As long as the bank is in first position, you are fine.
If you are looking for a mortgage broker/lender, I would be happy to share referrals with you based on success stories. I can be reached at 631-425-6150 Gail@GailGladstone.com.
I am NOT a mortgage broker....I am a Realtor.
Dan,
A seller second IS allowed if it is all disclosed in an FHA loan...it could be with other lenders, but highly unlikely in todays market and economic times....talk with an FHA knowledgeable lender! If I can be of any help..please let me know.... Coldwell Banker Mortgage (PHH) is a direct lender and handles FHA loans...I would be happy to put you in contact... I am a premier agent for Coldwell Banker Mortgage...and have my own "800" premier agent line....I would be happy to share it with you, you will go to the top of the que......let me know...
NO OBLIGATION! Give me a call...or email... lisa.brodsky@coldwellbanker.com or 845-401-1448
Good Luck!!
Lisa Brodsky
http://www.HudsonValleyNeighbors.com
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