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I would avoid doing anything outside of escrow (like a "silent second"). Its legally risky and in this day and age with all the foreclosures, the Fed is not likely to take kindly to people who play these sorts of games.
The lender was willing to provide financing at 60% LTV. However only 10% was available for a down payment. We requested that the seller provide financing in the amount of 30% of the purchase price. This was an easy solution to the problem. Lender LTV requirements were met and a reasonable return was provided to the seller.
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