Posted by Michael Morrongiello on May 05, 2008 at 15:50:06:
In Reply to: Where's the Fit For Dbl Close Owner Finance? posted by Bill on May 05, 2008 at 14:31:19:
Bill:
For the most part today - even with STRONG credit score borrowers there are no longer any "stated" income loan programs available from lenders unless the borrower is putting down approx. 30% or more of the purchase price of the property.However a well structured sale to a buyer with decent credit scores who has as little as 10% cash money down can be set up with seller financing. The resulting seller financed "paper" still has liquidity value, virtually immediatly if structured correctly.
Remember - manufacturing your own financing requires some "Art" of the deal details... However such seller financed "paper" can still be readily converted into a cash sum whereas a borrower with strong credit and only 10% cash down could not obtain conventional financng today unless they could jump the proper "hoops" and document source of funds, income, debt ratio's, etc.
Best to your success;
Michael Morrongiello
www.sunvestinc.com
Author of the following home study courses;Paper Into Cash - The Convertible Currency - How to Effectively Create Marketable Real Estate Notes
&
The Unity of Real Estate & "Paper" - Advanced techniques for both the acquisition and disposition of properties using Real Estate "paper"