Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 5 · column 1 of 7 · from the scan, no model involved
Real Estate
Eileen M. Day realtor srs-rr; NO DOWN PAYMENT
Did you know that it is sometimes possible to finance the purchase of a house or other real estate without a downpayment?
Generally banks and other lending institutions will not loan the full purchase price for real estate. Depending on the type of property, the credit record of the borrower, and the bank’s own policies, the maximum amount of the loan can range anywhere from 75% to 90% of the total purchase price. The balance is usually paid by the buyer, directly to the seller, as a down payment.
If, however, the seller is willing to take payments to get the rest of the selling price, rather than receive it in one lump sum, the sale can be made without the buyer having to pay a lump sum down payment at the closing. In this case, the seller takes a second mortgage to secure the debt, with the bank holding the first mortgage.
This is just one method of “creative financing’’. Your real estate professional can show you many others.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
91.9%