MCC and Seller Carry Back (loan, credit, requirements, loan)

[Enkiktd]

If a seller was to carry 95% of the loan for their property (basically taking out a mortgage with the seller and putting 5% down), is this loan type eligible for the Mortgage Credit Certificate program?

I think I read something somewhere that unusual loan types could be considered, they just had to be cleared with the program administrators in the state.

[BitterlyHopeful]

Last I heard, there were just a few lenders that would participate in the program as the reporting requirements they needed to fulfill were quite burdensome and all loan processors and underwriters had to receive special training.

Additionally, "unusual loan types" referred to type of loan (ie, something other than a 30 yr fixed) not where the money came from.

Hope that helps!