A purchase-money mortgage allows the couple to put down only a 5 percent down payment, and procure a first mortgage for 95 percent. The key is to be sure that they can afford to finance the down payment. Free online programs will help them make the calculations. The sites of online real estate brokers, banks, and many others offer the calculators. The Creative Path Check out the Web for real estate listings by owners.
Numerous sites allow owners to display and offer property online.
Our couple may find owners willing to take back a mortgage that covers the down payment. Nor should they pass up brokers. Many will have listings of houses where the seller is willing to take back financing, or bank-owned real estate where the sale comes with a mortgage offer. No driveway or garage. Perfect for the college students to whom I plan to rent.