Home Buying in Slidell>Question Details

Tollipoop, Home Buyer in Douglasville, GA

Hi I'm looking for a house 95k or under with owner financing I have 6k to put down. My credit is bad due to recent divorce but, I'm working on it.

Asked by Tollipoop, Douglasville, GA Tue Jun 25, 2013

I also run a small business that I have an ein for can I get a mortgage with my ein? There is a house in dell wood that I really like but, no one called back on it. I asked if there was a possible owner finance?

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Answers

2
It's very difficult to find a someone willing to owner finance. Most of the time the owner is only going to be willing to do it for 3-5 years with a pretty hefty down payment usually around 10%. If you cannot obtain financing within the 3- 5 years allowed, the owner has a right to evict you and keep your down payment. As much as you want to be a home owner if there is issues with your credit I would really recommend just leasing something for a couple of years and repairing your credit, then buy something the traditional way. Credit repair often takes longer than expected and that is a lot of money at risk. Best of luck
David
0 votes Thank Flag Link Wed Jun 26, 2013
ask yourself a question, why would someone sell a home by owner finance for 10, 20 or 30 yrs, when they can sell outright , and get all of their money at once.


answer:

usually the home is way over priced or in a condition to where it will not qualify for a mortgage
0 votes Thank Flag Link Tue Jun 25, 2013
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