Has anyone here pursued this sort of house before ("owner will carry with 1/2 down")? I'm having trouble getting financing because despite excellent credit and provable qualifying income for this year and last, my 2009 income was really low because I didn't open my business until the 4th quarter of the year, and the startup expenses ate up the profits for the quarter. This means I can't qualify for as much as I need to, despite being able to put 25% down. So....

There is a beautiful saltbox fixer listed just a few houses from my mother's, in a good neighborhood, with the mysterious (to me) "owner will carry with 1/2 down" tag. Since I can only qualify for a low amount, but only have about 30% to put down on this particular house, would I be able to get the remaining 20% from a bank loan, or is this a no-no? And then would I pay the remaining amount each month to the seller, w/o the bank's involvement at all? (Or alternately, could I put 20% down, leave 10% for repairs, and borrow 30%?). Sorry, I'm confused as to what this entails and whether it is feasible for me. "Total n00b" here.

I will qualify for a much higher loan amount in 2012 after I do this year's taxes, if that helps, but I need to move soon (have waaaaay outgrown our apartment), and rent prices here are $1200 for a 2-bedroom vs a $900 monthly payment (incl mortgage + property taxes + insurance) for an average 3-bedroom house. I reeeeeally don't want to move all my stuff into another overpriced, crappy rental if I can help it!