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Owner Financing With some houses we are able to actually provide the loan for you, without you having to go to a bank. This works well if you have a good sized down payment (at least 8-10% of the purchase price) but have credit problems that keep you from getting a reasonable loan. Owner financing can also work well for investors who want to acquire more properties, but don’t have a 25% down payment, or don’t want the loans to show up on their credit report. With owner financing, you actually buy the property from us and make monthly mortgage payments to us. The advantage over the rent-to-own option is that you get all of the tax benefits of owning the home, which can save you thousands of dollars every year on taxes. You also own the home and can do major improvements. Often the loan costs are less than they would be if you had gotten a traditional home loan. Doing owner financing is also a fairly simple process. The buyers and sellers sign a Purchase Contract, an Installment Land Contract, and a couple of other short documents. The paperwork takes about an hour and a half, and then you own your own home. |
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