Wrap around mortgage? I’ve got the definition, but is it a good idea?

I have ok credit and my wife has crappy credit. We are talking to a big contractor here in OKC who says that he can finance me on a 160,000 house, no problem, if I can give him $ 30,000. We can do this, but he said it’ll be in a wrap around mortgage at 7.99%. This is probably the best deal I can get. Does anyone have any experience with these loans or suggestions for me?

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