Creative financing

What is the name of your state? TN

I am inquiring about something I know is possible and have read about it is a matter of putting it together and in order. If a person doesn't have a down payment for something like a fourplex and wants to buy it and he knows based on the income he can pay the payments what paperwork would it take to create a refinance situation without making the owner feel insecure. One person said a non-exclusive option on the property for 60 days and a quitclaim deed for him in return dated 60 days hence that way I have my refinance situation with no 20% down. Are there any other scenarios?

[mykoleary]

A mortgage broker could really help you out with this.

There are other options like 80-20, 80-15-5, 80-10-10, etc, and on and on..... Some (like the 80-15-5) do require down payments, just not 20%...

The entire point is there is more than one means by which to get out of paying a whole down! For example if you have someone who will temporarily "assign" the property to you this would require some kind of a sunset clause in case things don't work out it still makes it a refinance. Another scenario, Is if you have an owner who will temporarily owner finance. Once again no money must change hands. Just runt to your nearest bank and you have a refinance. The next is he gives a non-exclusive option on the property dated 60 days out and you give him a quitclaim deed dated 60 days out. Things don't work out he gets it back they do you get the property for a refinance.
I don't need to tell you what I think of "Brokers" I had one ruin my credit once they inflate their rates unnecessarily, they try to make excessive money on people I consider them in the same class as Lawyers.
I asked for further ideas on creative financing and how to avoid down payments.

[HomeGuru]

Originally posted by pwelborn
What is the name of your state? TN

I am inquiring about something I know is possible and have read about it is a matter of putting it together and in order. If a person doesn't have a down payment for something like a fourplex and wants to buy it and he knows based on the income he can pay the payments what paperwork would it take to create a refinance situation without making the owner feel insecure. One person said a non-exclusive option on the property for 60 days and a quitclaim deed for him in return dated 60 days hence that way I have my refinance situation with no 20% down. Are there any other scenarios?

**A: that person that you talked to is an idiot and does not know real estate.