What is Owner Financing?
If you have found a perfect home but lack funds to buy it, you will need some type of financing to purchase your dream house. Most borrowers qualify for a mortgage loan traditionally from commercial lenders or credit unions. But many others might not qualify mainly because their credit score, beside other requirements, did not meet the required standing to meet the requirementsof a loan.
Another Option for Buyers
Realizing that there is another option with owner financing and that it is a great opportunity,provides those buyers with an ability to become a homeowner. In today’s market, there are many sellers who are able and are willing to owner finance.
Owner Financing Requirements
Some requirements to keep in mind when considering an owner financing:
- Sellers may do a credit check and a background check, in most cases;
- Sellers may ask for a bigger down payment;
- Sellers may ask for a higher monthly payment, to increase your new home’s equity at a speedy rate.
All of these requirements are targeted to form a stronger bond between you and your new property, giving you less chances to walk away without acknowledging your financial obligation.
For more information to see if owner financing is for you or to speak with one of our staff, please Contact Us today!
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