Posted on: 08th Nov, 2007 12:27 pm
does any one know who would allow a 20% seller carry on a jumbo
Hello Rumble,
Jumbo loans generally require a minimum of 5% down payment.
But there are lenders who will approve you without down payment using the seller carry back strategy.
If the seller is wiling to carry 20% of the purchase price, some lenders will take this as an instant equity for the buyer and will view the mortgage as having less than 100% ltv.
You will have to shop for lenders for a while. There are many lenders in this community who participate in the forums regularly. You may talk yo them and see if it helps.
Jumbo loans generally require a minimum of 5% down payment.
But there are lenders who will approve you without down payment using the seller carry back strategy.
If the seller is wiling to carry 20% of the purchase price, some lenders will take this as an instant equity for the buyer and will view the mortgage as having less than 100% ltv.
You will have to shop for lenders for a while. There are many lenders in this community who participate in the forums regularly. You may talk yo them and see if it helps.