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I am considering owner financing?

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devanelove Joined: 26 Apr 2010 Posts: 1 1.41 Dollars($)	Posted: Mon Apr 26, 2010 4:27 pm    Post subject: I am considering owner financing? Like 0 Dislike 0 I am currently working on repair of my credit. I am considering owner financing, until it gets repaired. I have been researching it and I am somewhat leary of going through the process. Partially, because I am considering what rights I have as a buyer. Are there any goverment programs out there that can help assist me with purchasing my first home? Should I consider waiting a few more years until I can get my credit to a high enough rate? I would like some expert advice on what to do. I am a military veteran and wondering about, if it would be a good idea to consider taking on HUD assistance or any other goverment programs in the state of Texas that could help. If there is anyone out there that can assist me with this it would be greatly appreciated.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Apr 28, 2010 6:23 am    Post subject: Purchase Like 0 Dislike 0 There is nothing wrong with owner financing. If you want to buy now and credit does not permit you to do anything else, do it. There are no government or any other programs that allow you to do a mortgage if credit scores are not ok. It semss you have two choices at this time: 1. Buy with owner financing 2. Wait until credit improves to buy. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
Devane Love Guest	Posted: Wed Apr 28, 2010 2:55 pm    Post subject: Owner Financing Like 0 Dislike 0 Mr. Veenstra-- Thank you for your advice. Although, I have another question for you. I have am considering going through the process of owner financing. I would like to ask from a legal aspect what should I be considering, if I go ahead with this process. I have a decent down payment for the financing of the home. The property that I am considering is on the market for 150,000 dollars. I would like to know from the buyer aspect what things should I be most cognizant of, when dealing with this process.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Apr 28, 2010 3:00 pm    Post subject: Owner Like 0 Dislike 0 What state is it in?? Make sure the owner does not have a mortgage himself that is not being paid off when your mortgage is issued and held by the present owner. IF there is a mortgage held by the owner and he forecloses, you loose eveything. If the owner mortgage has a balloon payment, ask what happens if you can not get a mortgage to make the balloon payment. Other than that, everything could be pretty straight forward. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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