Just because the owner is willing to finance the home, does not mean that everyone will qualify. There are always terms associated with the financing. Most require 5 percent and even up to 30 percent down. Some require a credit score of 640 or higher. Interest rates, terms of the loan, and monthly payments are negotiated between the seller and the buyer.
How do you go about searching for an owner financed home? You can work with a Realtor who can check the MLS (multiple listing service) for owner financed homes. Searching in your local newspaper real estate section is another option. Many rental companies will also have rental properties that the owner is willing to sell as a rent to own. And, of course, there are several web sites that offer listings of rent to own properties.
Owner financing can be a benefit to the seller and the buyer. It is wise to check with local laws and regulations and meet with a real estate lawyer before entering an agreement to purchase a home that is owner financed.