Second Mortgage Financing


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Second Mortgage Financing


 

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Will banks accept a second mortgage financed by the seller?
In contract for a two family house in Queens Ny. I have a 13% down payment saved. The banks I have checked thus far are either telling me they cant do the loan without 20% because the PMI company will not insure in a "depressed area", OR getting a ridiculous rate. The seller is willing to offer me a second mortgage to cover the other 7% plus a sellers concession to cover closing in order to seal the deal and for me to avoid PMI. ( This is a friends house who passed away and the family really wants me to have the house) I am NOT trying to do anything "under the table" or illegal, thus is why I asked if the Banks would allow it.

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