Grant Trevithick Real Estate Investor Pro Tip

Grant Trevithick Carrollton Real Estate Investor Pro Tip:

If you would like to buy a home, you have cash saved up to put down as a down payment but you can NOT qualify for a conventional mortgage loan, then you might want to consider purchasing a home under owner finance.

If you have been not been able to qualify for traditional bank financing, You're not alone, good news is we can help solve your problem. The sellers of the homes that we list offer Owner Financing, Lease Option and Rent-to-Own terms making qualifying very easy for you.

What is Owner Financing?

Owner Financing happens when the owner of the property is giving a mortgage to the buyer. Owner, who is also the seller, carries the mortgage instead of a bank.

Example:

For example John is selling one of his houses and decides to offer seller financing (owner financing). Mary is looking for a home, but her credit is not so good. So, the only way for her to buy a house is with owner financing. As usual with seller financing John does not have strict qualification requirements. So, as long as Mary is employed and has a cash downpayment John will disregard Mary's previous credit history. The deed of the house will be transferred to Mary and John will have a lien on the house, tehrefore Mary is the rightful owner of the house, in case Mary stops making payments in the future then John can potentially foreclose on the house and keep the downpayment and get the house back. If on the other hand Mary keeps up with all the payments John will give her the satisfaction of mortgage when she pays it off.