I have a question about an owner-financed house. Is it possible to get a traditional loan for the down payment using the house as collateral...almost like a 2nd mortgage or home equity? We have found a house that we like, they want $7,000 down and are going to finance at 5.75%. We were just curious as to whether we could also get a traditional loan on the down payment.

TIA,

Amie

Yes but it would have to be an unsecured loan (much like a personal loan).

Actually talk to your local bank, credit union or mortgage finance company.

Some companies offer "100% financing" with a combo 80% 1st/20% 2nd mortgage.

So that's worth looking at. Again contact your financial lender and ask them.

Thanks for your quick response. I don't think I have mentioned it yet, but I love this place! i have found my new online home. You guys have a great thing going here...keep it up!!

Amie