The seller can carry back common financing instruments such as a mortgage, trust deed or land contract. No appraisal or title policy may be required, but you should still obtain an appraisal and title protection. Owner financing works best on properties that are free and clear because an existing loan will most likely contain an alienation clause.
You’d also need a higher credit score to obtain a jumbo mortgage. Most lenders would prefer you to have a credit score that hovers around 700. As always, it doesn’t hurt to shop around and compare.
You do not have enough equity in your home to obtain a HELOC. You are an incredibly efficient, sophisticated investor already growing your money at greater than 15% per year. You might be better off.
You might be able to obtain financing through private sources such as a lawyer, mortgage broker or a finance company, depending on the equity you have in your property and your ability to repay the loan. Through a bank, however, it is difficult to get a second mortgage with a low credit score.
To obtain a finance broker (and/or) lender license, you must apply through the nationwide mortgage licensing system (NMLS) and submit a license application. The license application must include a business plan, responses to disclosure questions, certificate of authority, an organizational chart, and a number of additional documents.
Such loans are likely to have higher down payment requirements and higher interest rates than a regular residential mortgage.