what i meant was… i’d agree to buy the house for sasy $340k from teh owner. but we’d write it up as if i paid $430k..and somehow to the lender it looks like i’m only borrowing 80%….
i thought that if I was borrowing 80% from the bank and taking a 20% note from the owner (even a fake note) that it would still be considerted a 100% loan…
maybe i misunderstood my lender..but he seemed to imply that there was a way to only take out one loan that was considered 80% by effectively writing it up as a higher purchase price… i’d pay a bit higher property tax…but since the whole amount wqs in a first and an overall lower rate, i’d avoid a second at the high interest rate, pus have no PMI and overall…the end result is a lower monthly payment…
i’d sell in 5-10 years…so the overall extra property tax wouldn’t hurt me int he long run.
or just flame me and tell me to shut up and keep renting.
