SC Real Estate Forums

Posted: Mon Mar 29, 2004 6:50 pm Post subject:

I have mad the attempt to use a program similar to this once before. Many loans will not allow the use of a seller subsidized grant.

The way these work is that an outside party provides the downpayment that is secured with a note from the seller along with a $1,000 or 1% processing fee. These costs are usually paid in full by the seller or financed within the mortgage.

Some lenders would consider this as dual contracts, and be wary of it. I am sure that there are many lenders who could work it out though. Our in-house lender has programs for investment properties that only require 5% down.

Posted: Mon Mar 29, 2004 8:31 pm Post subject: Thanks

Thanks, Mac