Posted on: 15th Feb, 2010 04:31 am
I'm dealing with a mortgage company and they said said that I do not qualify for a FHA loan but the owner of the house that I am interested in wants to sell and make a deal with me. The mortgage company said that he will even "carry the loan" for me. He said he would explain more to me when we meet. But I want to know now so that I will know if I am getting the right deal.
It depends on the terms of the deal. FHA loans are around 5-6% right now. So if the owner wants to charge you 12%, it may or may not be a good deal for you, depending on your personal situation.
