Don ' t settle for conventional loans if you don ' t have to. There are many creative ways to finance a new home loan. If you do not have the needed investment capital or a down payment, some lenders will finance the down payment for you as well as the closing costs. If not, the seller might be willing to finance part of the loan to cover these costs. This can work even if the seller doesn ' t have extra " money to lend! "
Explain to the seller that it could be advantageous to him because of income taxes. He might much rather claim an income of $100, 000 than $120, 000! Spreading out payments for $20, 000 of the loan amount over a period of five or ten years could make a huge difference on his taxes due for that year. Consult with an accountant to find out if this could work in your situation.
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