Hello Everyone,
This is my first post and very very new to these creative REI things,
so if it’s not worded well please excuse.
I’m trying to buy my own home.
I can’t get mortgage becaue I don’t have enough for downpayment and have a problem with “stated income” issue.
So I looked into these ideas/techniques called double closing with middleman & Lease option.
I prefer the idea of double closing w/middleman.
It sounded basically the middleman sells me the home with percentage of owner carry right after buying from the original owner.
As long as I can find a home at 20% below the appraised value it looks a good way for me to buy a home for me.
(Actually one more condition should be met which is I have to have a trustful middleman)
The question to you experienced REI people is,
First,is this legal? (I’m in California)
Second,can I get a mortgage in current market with 20% owner carry thus lenders put up only 80% of either appraised value or purchase price?
Thanks for your tips and helps in advance.
If you happend to read again because I posted this at another section,my apology.
I need the answers really bad