What is "seller financing"?
Seller financing is a loan that the seller of your home makes to you.
This could be instead of or in addition to borrowing from a traditional lender. Seller financing might be offered when you cannot qualify for a bank loan for the full amount or when you are assuming a portion of an earlier mortgage taken out by the seller and need a loan for the rest. Always tell a lender about seller or any additional financing you are receiving.