I talked with a Seller today with a really nice house in a good area. He needs a big chunk of cash at closing to pay off a construction loan and maybe a home-equity loan he has. Anyways… he is open to carrying a second for the remainder of the purchase price… probably 40% or so.
I feel I can easily get a 1st at 60% of purchase price from this one mortgage lender… but what about upfront costs to lender if any and closing costs?
Seller is willing to pay half of closing costs… Will I need to raise some cash for appraisel fee’s and other closing costs or is it realistic to try and get the lender to pay?
Thanks.