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Is this even possible?

Would it be possible to get a first mortgage from a lender for 50% of the home price, and have the seller carry a second mortgage for the other 50% with no payments for 15 years? We are interested in a home where the seller might be interested in structuring it this way, as his home is totally paid off. Are there any lenders that would go for this? by jamesprong1975 from Walnut Creek, California. Sep 16th 2009 Reply


Andrew Vierra (Andrew Vierra)
#120 ranked lender in California - 12 contributions

No bank is offering 100% financing on a combined basis (between two loans). If this is going to be your primary residence, you could use FHA government insured financing (30 year fixed rate mortgage) and only have a down payment of 3.5%. The seller could pay up to 6% of the purchase price to help you with closing costs/setting up your escrow account.There are two 100% programs: VA (must be a current or past member of the military; seller pays closing costs); USDA (for rural properties with some income limitations; also allows for seller to pay for closing costs).You'll need to use a lender that's approved by HUD (which we are) to get an FHA loan.Hope this helps.

Sep 17th 2009
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