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How private? And how "on the border"? I mean there are some scam artists that really prey on the fact that some people will DO ANYTHING to get into a house, knowing full well that there is NO WAY that the buyer will remain current on the SUPER HIGH INTEREST rate for any length of time and then POOF they foreclose at LIGHTENING speed and resell ASAP.
If that you fall just a hair outside the lending limits of normal lenders then simple DELAY YOUR purchase long enough to save up some more money or find a cheaper house.
If the "Private Lender" is really more interested in just a slightly higher interest rate and you have pretty goods odds of staying current I would still be VERY cautious and would really need to see just how much of current income is going to rent and how much more would be going to a mortgage before I would feel comfortable...
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