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Back many years ago when mortgage rates went high, lenders found interesting ways to make it work. I don’t know if there is anyone doing the same right now.
1st example - previous owner had an assumable VA loan at 8.5%, but had quite a bit of equity. Current rates were even higher.
- Put about 10% down, assumed the existing 8.5% loan, and the owner gave a 2nd mortgage at 10% for 10 years to cover the remaining equity.
2nd example - new build qualification
10% down, 80% on a 30 year fixed mortgage, 2nd mortgage for 15 years to cover the other 10% ( broker called it an 80-10-10)
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