Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

I am considering owner financing?

Author Message
Icon Mini Profile devanelove





Joined: 26 Apr 2010

Posts: 1

1.41 Dollars($)
Post 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.
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post 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







Post 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.
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post 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
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.055 seconds.