Anyone buy a home with owner financing? how did it work?
Monday, February 8, 2010 14:14Posted in category Home Financing
I have the not so greatest credit (no high credit card debts) and have been disabled for the past 5yrs. i am wanting to buy a home and even with a decent down payment i cant get it..m going saturday to look at a house done by owner financing. realtors showing it to me and just want to realistic and dont want to jump into it
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stan c says:
February 8th, 2010 at 2:22 pm
I would never go for owner financing because in 3 to 5 years, you’ll probably have to refi at that time and no one know what interest rates will be. Back in the 80’s the rates were between 12 to 13%.When I sold my 2 homes in the 80’s I had to take back a mortgage but I got 1/3rd down and I was lucky. They both paid me off in 10 years. Better to get a fixed rate now for 30 years than to be sorry later.
mac mogul says:
February 8th, 2010 at 2:23 pm
You are right don’t just jump in to it! If you want a house with owner financing I can help you! I deal with this type of thing everyday! I can even get a home that is fully loaded for you with TVs, furniture and all! Just email me if you are serious and we will go from their, trust me I can help!
whitneymagnolia says:
February 8th, 2010 at 2:23 pm
I bought one. It was in the 90’s and I was on straight commission. We financed 3 yrs with owner and then were able to refi and get a traditional mortgage. It was a great oppty to help us with nonstated income buy the house and build our credit and then get refinanced. If you have a good Realtor working for you as a Buyer’s Agent, they can advise you only so much. Talk to a CPA or attorney as well to make sure you are protected and you should be able to start homeownership soon.