Can I Get A Carryback Loan With Existing Debt?

A carryback loan is a type of financing provided by the seller of a property or asset. It is typically used in real estate when the owner wants to expedite the purchase of the property by providing the financing directly instead of waiting on lenders. Carryback loans can be extended if you have existing debt.

More Flexible Terms

Carryback loans are often used when traditional lenders will not extend the full amount of the financing needed. Many times, lenders are willing to assume a portion of risk and not all of the risk. A seller can offer the remaining financing required to close the loan. 

Debt is Expected

A certain amount of debt is expected for all adults in the United States. Most homes operate on debt, either mortgage debt, auto debt, student loans, or other forms of financing. You should be able to seek a carryback loan despite this debt, as long as your debt is well managed. If you maintain low balances and have a high asset to debt ratio, then you should be an attractive borrower.