Owner Finance Homes – No Bank Qualifying Homes
Many families can not qualify for bank or lender programs or home loans, and for that we have a solution. Bad credit, no credit, self-employed, IRS Tax lien problems, ITIN Numbers, or just don’t report enough income to qualify for a normal loan program, then an owner finance home may be a good option.
There are many reasons why people do not qualify for normal lender or bank mortgages. Many are credit issues or low credit scores that are keeping them from qualifying. Well, we can help with that. First of all, Help For Home Buyers can help with the entire process of finding the home, and then preparing your credit to qualify with our “Home Buying Credit Improvement Program”. Just like it sounds, it is a credit repair and credit restoration program designed for home buyers. So, we can help you find an owner finance home or Lender offered “Owner Finance Program” that could get you into a home immediately.
Most owner finance terms, offered by the actual seller, require 10% to 15% down along with some closing costs. There are still some simple income and employment history and verification to make sure you can afford the home and payment, but much easier than a lender or bank. The sellers of these homes are usually very flexible and offer multiple options for the purchase. We have seen flexibility with these owner finance homes that even amazes us.
There are also some private lenders that offer an “Owner Finance Alternative Loan Program”. That means a program that is very similar to an owner finance from a seller with flexible terms and qualifications. These are still lenders, so the qualifications and requirements are set and you have to meet their requirements. Even though they have more requirements than most seller financed homes, they are still better than lender or bank mortgages. So, also a good alternative.
And, then the third option is a Lease Option program to help you with short term solution to get into a home. This is a smaller down payment and fees, but with a time limit to get your financing. So, that means the owner will typically give you one year to 24 months to get your mortgage financing approved for the home, but be able to move in immediately. These are great solutions for the families working on their credit and possibly 12 months or less ready to go.
So, for many of our families with credit challenges, this is a good option with our “Home Buying Credit Improvement Program”. We can help them get into a home immediately and then help them solve their credit issues in order to graduate them into their home loan or mortgage.
Call one of our Home Buying Coaches to answer all of your questions and help with the entire process.