If you are like a lot of potential first time home buyers you are probably wondering if home ownership is worth it or if its even possible now a days with the stringent mortgage requirements. You have undoubtedly received from your family, friends or co-workers advice on how, when or where to purchase a home. Having questions and concerns about home buying is normal. The more you know about buying a home and your options for doing so the more you will feel at ease, so here are some advantages to purchasing a home with owner financing.
1. Our Owner Financing Program does not require you to get a mortgage through traditional lending means.
The home is financed by the current owner of the home. This means there are no hard requirements to meet and you can qualify with a credit score as low as 500. There is a simple application process,and you should qualify easily as long as you currently have a job or a steady income source, some money saved for a down payment, and the desire to OWN a home.
2. Our Owner Financing Program requires a low down payment
Traditional lenders can ask for up to 10% of the purchase price of the home as a down payment. A low down payment means home ownership is more affordable than you thought. With our low down payments it is easier for you to get into one of our homes. Down payments can range from $1000 - $1500.
3. Our Owner Financing Program has set monthly payments.
Generally rental payments increase yearly but with our program you will know upfront and from the beginning how much your monthly payment will be. Since you will have a fixed interest rate this means the monthly payment will never change over the course of your contract. Our homes usually range anywhere from $550.00 to $750.00, which includes Principle, Interest, Taxes and Insurance. With such low monthly payments it doesn't make sense to RENT an apartment, condo or town home when you can BUY your own home for less.