Legal Question in Real Estate Law in New York
Is it possible to buy a property from a family member with 50% of the total cost through a home loan then the rest through monthly payments? I was unable to get approval for the full amount. It is a mixed use property which generates more than enough income to easily pay both debts. Or should I do an LLC with her and apply for a business loan? Thank you for your time.
1 Answer from Attorneys
it is possible. However, first you need to make sure that your lending institution would be ok with this option ( meaning they would not require you to put down significant downpayment or show that you have sufficient funds). Ordinarely, lending institution does not object to a second mortgage. Second, what you are trying to do is to get a purchase money mortgage, where you seller will hold the second mortgage to the property, until she/he is paid off.
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