Greg is right on. Just a little FYI, you can actually finance into the loan some repairs to the home. There are some restrictions such as the repairs need to be done very shortly after closing (I believe within 15 days) as well as the type repairs. This is rare today.
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Ron is a mortgage Loan Officer specializing in FHA and USDA loans but in 2008 due to all the owner financed notes on the market, began a new company that buys private mortgage notes. His note buying site is
http://www.sell-my-note.biz