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About Jim Hoepf
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.

Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.

Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.

Awards and Honors
Broker of the year for Arizona with Homeside Lending.

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > seller paying down or closing for buyer

Real Estate Home Mortgages - seller paying down or closing for buyer

Expert: Jim Hoepf - 10/20/2009

Question
i want to sell my home for 120,000. the buyer has about 5,000. for down payment. they want it as a rental not a prime. the banks want 20% how can i help the sale. they have good credit and are joint. i am willing to pay some costs or adjust the price some. not sure what to do here???

Answer
Carrisa,

Thank you for the question. To be perfectly honest, there isn't a lot you can do for them. Banks and Lenders are requiring at least 20% down on investment properties. Unless they can come up with the additional down payment, it doesn't sound like they'll be able to complete the transaction.

Good Luck!

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here