1 - Owner Occupied - Residential (SFH in Florida)
2 - Conservative Appraised Value: $ 250,000
3 - Seller has good equity in property.
4 - Seller will carryback: $ 87,500.00 second mortgage (35% LTV)
5 - Buyer will put 5% down (5% LTV)
6 - Buyer’s Hard Money Loan Needed: $ 150,000 first (60% LTV)
Is this scenario possible for a borrower with a low credit score?
Allowing the seller to carry a 35% second?
I’d like to market this or similar scenarios here in South Florida.
Opinions & hard money help anyone?
P.S. Happy Holidays to All!