Hello,
I have a owner with a rental property selling for 480k 3 family home
He is willing to give 6% in a form of commission 28.8k
He also have 2 units rented at $1650 per unit
And I would like to live in the 3rd unit
How can I buy this home 100% financing using the 10k out of the 28.8k as some type of down payment
Any ideas
Hi,
If you have good credit and good income and qualify for a mortgage your mortgage broker could probable go for an FHA loan, however you will need 3.5% down and roughly 2 to 2.5% for closing cost's.
Unless your a real estate agent you can’t be paid commission on the HUD1, however the seller can contribute 3% I believe to you for cost’s (Check with your mortgage broker as these rules have changed a lot for FHA the last few years.) so if you can come up with the 3.5% (There again check with the mortgage broker on current FHA rules for borrowing or having all or part of a down payment loaned or gifted.) for the down payment you would have your self a home.
Just make sure there is something in writing about the balance of 6% and how it gets paid!
GR