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When I bought my first house back in the days of Jimmy Carter banks wanted 15% and up for a mortgage. The guy I bought my house from was 72 years old and did a 30 year note for "only" 12.5%. After I looked at the amortization I decided on a 20 year note. The cool part was that I looked at the house on the 2nd day of the month, and moved into my house on the 10th.
It will all depend on how your contract is written up. The biggest pain will be the property taxes and insurance. Most owners don't want to mess with an escrow.
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Glen
49 Year member of the Porsche Club of America
1985 911 Carrera; 2017 Macan
1986 El Camino with Fuel Injected 350 Crate Engine
My Motto: I will never be too old to have a happy childhood!
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