I am in contract for a home in Queens NY,and have 13% to put down. All of the mortgage companies are quoting me almost a full point higher than what it would be if i had 20% to put down. The seller is willing to finance the difference of 7% as a second mortgage at a very good rate to get the deal done, and make it more affordable for me and to avoid PMI. My question is, with the tighter lending standards, will the Banks accept this?

Asked by:daniel m