[Fredslist] Question on Mortgages

[neil at courtbondnow.com]

I have a situation:

A client is looking to obtain a 900k house.  (3-4 unit) Owner would live
in one of the units and rent the others

They will put 125k down.

55k difference from 20% of the down payment

If they use a surety bond for a “guarantee of payment” in relation to the
difference in the down payment with a 3-5 year payment schedule for the
difference, can they avoid using a FHA loan?  I am not a mortgage broker
and do not understand all of the logistics of obtaining a mortgage.  I am
confident I can issue the bond.

Does anyone know if this arraignment is possible?


Best regards,

-Neil
____________________________
Neil P. Pedersen
OFFENHARTZ & PEDERSEN, LTD.
One Beekman Street Suite #404
New York, NY  10038
Tel: 212-227-7277
Fax: 212-233-3113
www.courtbondnow.com

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