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Owner financing insurance-

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Posted: Tue Jan 27, 2009 8:11 pm   Post subject: Owner financing insurance-   Owner wants to finance 35%( $440,000) to buyer for his 2nd home. Owner( lender ) wants security in case of buyers foreclosure. Can buyer purchase PMI for loan amount ?	sszucs New member Joined: 27 Jan 2009 Posts: 1 1.27 Dollars($)
Posted: Wed Jan 28, 2009 6:27 am   Post subject:    Since you are the buyer the mortgage lender would require you to purchase PMI in order to safeguard the interest of the lender. If the owner of the house wishes to share the cost of the policy, he can do that. _________________ Register Now to have your Insurance queries solved.	roadablaze Guest
Posted: Wed Jan 28, 2009 7:10 am   Post subject:    Hi, I'm not sure if the owner can sell the property with an existing loan on it. Owner financing can be done only when the property is clean and clear. Is there an existing mortgage on the property or you are taking a mortgage from the owner to acquire it? If you are taking out the mortgage, you would be able to get the private mortgage on it as well. _________________ Register Now to have your Insurance queries solved.	bluebell Guest

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