I have spoken with a seller who has a 2,650 sq. ft. with 4br-2ba home with a 2 car garage that zillow says has a value of $260,000.
The bank has said that they will do a short sale for $220,000. Comps in the area are around $200,000.
I have someone who will buy the home on an owner finance for $265.000. The buyer only wants to pay $1,500/mo but is willing to put $35,000 down but they want to put the $35,000 in escrow for 2 years and then re-finance it with a conventional loan.
I have no verifiable income but my credit score is just below 800. I am thinking that I will have a difficult time getting a conventional loan.
Has anyone found a lender who would do 100% financing based on a single family home if you can show that you have a tenant under contract and that contract will cover the PITI on a monthly basis?
I would appreciate any feedback that anyone might want to share.