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This is a question you are going to have to discuss with your bank, because it is a portfolio loan the underwriting guidelines differ from bank to bank. To get the most accurate advice, I’d contact the LO you are working with at the Bank. Let me know if you have any additional questions.
10 months ago
Andrea Lee Negroni
said:
It is highly unlikely the bank will approve this. The bank wants its loan to be in first priority but seller financing might take priority over the bank’s mortgage. Even if the seller subordinates its loan to the bank loan, the bank won’t be satisfied because with a $1.2MM purchase, the lender wants the buyer to have “skin in the game.” in other words, banks don’t make loans this large unless the customer puts substantial funds of his own in the deal.
Hello,My bank loan is approved up to 1 millions. However the seller wants 200K more (the purchase price is $1,2). My bank does not give me more loan and I cannot come up with more cash down payment. Is there anyway the seller can give me the owner’s finance for 200k combining with the bank loan of $1 mil. I live in Maryland. Thanks
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