Basics Of Owner Financing
What does the term Non-Qualifying financing mean ?
It means that in order to buy a home today, you
don’t have to go through a rigid loan qualification process required by banks and mortgage companies.

What are the reasons I may not qualify for financing through a mortgage company ?
There are many: bad credit, no credit, too much debt, not enough income, self-employed, late payments on credit accounts, not long enough on the job, not enough down payment, etc.

How Quickly can I get approved for and move into the house ?
Typically within 1 week.

How Does Owner Financing Work ?
On all homes we have for sale we offer Owner Financing, which usually requires no or very little qualifying. In this case we are the bank, and you are making payments directly to us.

The financing agreement, called Contract For Deed, spells out the length of the loan, the interest rate, the amortization term, the monthly payments, etc. With Non-Qualifying financing you actually own a house and are entitled to all financial benefits of ownership, which may easily amount to $3,000-$6,000 per year in cash back from IRS.

How Long Is The Owner Financing For ?
While traditional mortgage lenders are in the business of providing permanent long term home loans to buyers, we are in the business of buying and selling homes. Therefore, we only provide a short-term financing to facilitate the sale.

Typically we finance for 2-3 years. At the end of that term you will have to obtain a replacement loan from a traditional lender and pay us the remainder of the financed amount.

What Closing Costs, Fees and Points Shall I Expect To Pay ?
You will need to pay for the 1-st year insurance premium to have the home insured against damages. In most cases we don't charge any closing costs or fees on 1 year agreements. If your agreement has to roll over to the 2nd year or 3rd year, there may be financing fees charged at that time. Typically they are rolled into the loan, and not paid out of pocket.

If applicable, these fees are discussed with you and stipulated in the original financing agreement before you buy the house.

How Do I Apply ?
Just follow our "5 Steps To Home Ownership" plan on the Home Buyers page.