OWNER FINANCING BUYERS
Questions & Answers
What type of interest rates do you offer?
Rates are anywhere from 8.50% to 14.00%. The better your credit score, the lower your interest
rate. Having more down payment will also help to lower your interest rate and monthly payments,
along with providing more documentation. Click
here to view the current interest
rates for the "no doc", "full doc", and commercial program.
Why are your rates so high?
I deal primarily with people who have been turned down by banks or mortgage companies for any
number of reasons. The higher rates compensates for the higher risked involved with me owner
financing credit-blemished borrowers and my rates are very competitive compared to B/C Lenders
in the Sub Prime market.
What types of property will you owner finance?
Owner Occupied: Single family 1-4 units, Condo's & Townhomes, Double wide, Single wide
Non-Owner Occupied: Residential 1-4 units
I will also owner finance
commercial properties.
How much will you owner finance?
Anywhere from $25,000 - $1,000,000 in all 50 States. Anything above $1,000,000 will be
case-by-case. (There is no maximum amount)
What do I need to qualify for your program?
If you're employed, have at least 5-10% for down payment and are not in current bankruptcy,
chances are I can owner finance you on your next home.
What types of fees will be involved in working with you?
I do not charge any up-front fees. I do charge to run credit reports at the cost of $25.00 for
borrower & $5.00 for each additional borrower. This is what it costs me to get reports pulled,
so that's what I'll charge. If you have a recent tri-merged credit report (within the last
30 days) with your credit scores on it, I can use that instead and waive the credit report fee.
Why do you need a credit report?
The main reason is to make sure you're not in current bankruptcy and that you do have some
good accounts. I also use the credit report to help determine what your interest rate will
be, the amount I'll owner finance and the maximum down payment amount needed.
Am I allowed to make any improvements on the property?
Yes you are, as long as you follow the building & zoning codes and have a permit to make those
changes. After closing and funding disbursements have taken place, usually that same day, title
will be transferred over to you and recorded. It's done the same way as if you would've
gotten conventional financing through a bank or mortgage company.
Is only meant to be a short term financing option to
help you get your foot through the door of owning your own home. By making your monthly payments
on time, within a 12-24 month period, just about any financing institution will refinance you.
If you can refinance sooner or need more than 24 months, that's fine. There are no pre-payment
penalties or ballon payments (on 1st lien notes), so you get to decide when you want to
refinance depending on your financial situation.
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