| As long as the sale is completed by the end of June | | | | payment (rent) may or may not apply in part towards |
| 2010, you can get your share of the Stimulus Package. | | | | the purchase. Usually these arrangements stipulate |
| Act NOW and you can make it happen. | | | | that the buyer obtain conventional financing at some |
| | | | | point in the near future, usually one to five years. |
| The death of the sub-prime mortgage has | | | | Owner financing, per se means that the deed is |
| discouraged a lot of folks who really yearn for the | | | | transfered to the buyer and the buyer signs a note |
| pride of home ownership. There is just something | | | | payable to the seller. This approach is the only way |
| special about coming home after work to a home that | | | | the buyer can qualify for the Federal Tax Credit of |
| you can call your own. Sure, you still owe somebody a | | | | $8,000. That is found money my friend and can |
| bunch of money for it, but you know that if you take | | | | represent a significant portion of the down payment. |
| care of your home and even improve it, you alone will | | | | The larger down payment, the lower the ultimate |
| benefit. | | | | interest rate when re-financing. The note to the seller is |
| Almost everyone at some point in their lives | | | | generally at an interest rate somewhat higher than |
| experiences situations which can injure their credit | | | | market rates, much as were sub-prime mortgages. |
| rating. Job loss, divorce, illness and even imaturity can | | | | The down payment requirement and the term of the |
| devastate your credit and if you don't understand the | | | | note varies immensely and is totally dependent on the |
| credit scoring business, you may never get qualified for | | | | seller. It is common that a balloon payment will be |
| a prime mortgage. Many real estate investors are | | | | stipulated after several years, but many sellers will |
| stepping up to the plate to help folks who have good | | | | write an ammortizing note, payable over 20 or more |
| incomes but have "bruised" credit by offering Seller | | | | years. These notes are often sold on the secondary |
| Financing in the absence of available bank loans. Lease | | | | market just as are bank mortgages. |
| Option , Rent to Own, Lease Purchase, Contract for | | | | The key to a successful "seller financing" deal, (except |
| Deed, Land Contract, Lease to Own or Owner | | | | for the long term note) is that the buyer must succeed |
| Financing. Call it what you want, but all are legitimate | | | | in improving his credit and income position. Some |
| forms of Seller Financing which allow you to own your | | | | buyers actually manage on their own to improve their |
| own home even if you are human and have had a | | | | credit scores, but I have found that most continue to |
| few bumps along the way. A seller who is serious | | | | procrastinate. That's why we have begun working with |
| about helping you successfully purchase the home will | | | | our buyers to agressively pursue the credit repair |
| pull a full credit report and fully evaluate your situation. | | | | process. There are some very specific methods that |
| At that time, you will get a pretty reasonable estimate | | | | are quick and successful in enhancing credit ratings. |
| of how long it will take to repair your credit. | | | | We actually implement these tactics on behalf of our |
| Essentially there are just two distinct types of Seller | | | | buyers so that we know the steps are being taken |
| Financing. Both involve some cash up front and a | | | | correctly. It takes a fair amount of effort on our part |
| monthly payment. The major difference is who holds | | | | and requires total cooperation from the buyer, but |
| the deed. Lease Option and Lease Purchase, Rent to | | | | rewards are great. Seller Financing is truely a blessing |
| Own, Lease to Own, contract for deed and similarly | | | | for good folks who have had some tough breaks. It is |
| named programs require that the deed stay in the | | | | a legitimate way to purchase a home and one that is |
| name of the seller. The buyer proffers up some non | | | | becoming more and more available as bankers |
| refundable cash, either as a down payment or as a | | | | continue to hold their funds, afraid to loan to just about |
| fee to secure the exclusive right (option) to purchase | | | | everybody. |
| the home for some defined period of time. A monthly | | | | |