Rarely will you find a spotless credit report these days. Still, if you have cash in lieu of spotless credit, we may be able to work out a owner finance agreement on the property. Owner financing is when the owner of the property decides to sale their property and they will carry the mortgage for the buyer. That means the potential buyer does not have to go to the bank and get a traditional loan. In owner financing, there is a traditional closing with an attorney. In our owner financing program a person’s ability to make the mortgage payment carries more weight than there credit score in our qualification system. The potential buyer will have to qualify for our financing but the process is totally different than qualifying for a bank loan.

Our terms are simple. We require $4,000 to $8,000 as a down payment. We have 15 to 20 year mortgages with 10%-15% interest rate. We also charge two to four points on our mortgages up front. This fee is built into the total purchase price of the home. The length of the mortgage, the interest rate, and the points all depend on how strong of a buyer you are. This option is Considered long term Financing

To quality for this type of financing the Borrowers must have 2 years of work history, bring home 4 times the monthly mortgage, have a Credit Score Above 600, and Can afford a down payment. In addition to those qualifications Borrowers must have no evictions or bankruptcies in the past 3 years.