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What does it mean when they tell you that the owner will Carry the loan? Is it a good thing?

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reality462010 Joined: 15 Feb 2010 Posts: 2 1.38 Dollars($)	Posted: Mon Feb 15, 2010 5:31 am    Post subject: What does it mean when they tell you that the owner will Car Like 0 Dislike 0 I'm dealing with a mortgage company and they said said that I do not qualify for a FHA loan but the owner of the house that I am interested in wants to sell and make a deal with me. The mortgage company said that he will even "carry the loan" for me. He said he would explain more to me when we meet. But I want to know now so that I will know if I am getting the right deal.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Feb 15, 2010 9:56 pm    Post subject: Like 0 Dislike 0 Hi reality, The seller wants to go for owner financing which will help him in selling off the property and you would also be able to purchase the home though you do not qualify for a mortgage. To know more about owner financing, check out the given page: http://www.mortgagefit.com/owner-financing.html _________________ Procrastination is the enemy of your financial success
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Wed Feb 24, 2010 6:13 pm    Post subject: Like 0 Dislike 0 It depends on the terms of the deal. FHA loans are around 5-6% right now. So if the owner wants to charge you 12%, it may or may not be a good deal for you, depending on your personal situation. _________________ Raymond Denton www.RaymondDenton.com

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