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jprice2 · Joined: 12 Nov 2009 Posts: 1 1.27 Dollars($)

I am trying to get a home that is going to be owner financed but he is trying to charge me 8% interest. Is that to high and does it sound like a scam?

jenkin7 · Posted: Thu Nov 12, 2009 10:28 pm Post subject:

Hi jprice,

Interest rate of 8% is a bit higher than the current market rates on home loans. But owner financing is not a conventional way of financing a home purchase. Thus, the interest rate on this type of financing is usually on the higher side. However, a lot also depends on various factors like your credit, history of payments, how much you want to pay upfront, etc. It is hard to say if it is a scam. But it will not be justifiable to think it is a scam, just because the owner is charging a little high interest rate.

eric1 · Posted: Fri Nov 13, 2009 9:40 am Post subject:

You already asked this in another thread. 8% is not too high. I would charge at least 10%

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is 8% interest rate to high for owner financing