I’m in California and have a property under contract for 370k the owner is willing to credit back 20k in escrow, so, for a 90% loan I would only need 17k instead of 35k.
Here is the problem; my lender said that 20k is to big of a credit and will be considered a reduction of price. How can I recieve the 20k in escrow with out a 20k credit back?
I had two ideas: have the owner sell the property to my girl friend for 350k and have her assign it to me for 20k or a lein on the property for 20k so when escrow closes I will get the 20k back
Please let me know of any other way or if you know if my ideas will even work?
any help or advice is greatfull