Owner financing is a much better option for the owner than for you as the potential purchaser. My advice is to take the time to put your finances in order and improve your credit so that you can qualify for proper mortgage financing from a reputable Local Mortgage Banker.
Here's my advice for you based on my 23 years experience as a Mortgage Banker:
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://www.consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
Owner financing is out there but it is rare and you will likely see it in "for sale by owner" properties that aren't as easily reached on line. Most sellers need to sell outright to move on to their next home. So it takes a specific type of owner who has the financial ability to take a chance on less than perfect credit.
However, sometimes that credit is a cue that you should be waiting to buy. Clearing up those issues and pursuing traditional financing will open up so many more options for you!
Walter Joiner, Realtor Salesperson
6321 Greenbelt Road
College Park, MD 20740
You may want to instead consider getting a mortgage professional that can do a rapid rescore for you. It is fairly inexpensive (maybe $60) as well as fight some credit challenges that are on your credit score. There are professionals at this and then there are non-professionals.
Once your credit score has rebounded, may just take a couple of months, you may then be able to qualify for a FHA or VA (if you have been in the service) loan. The credit requirements are not extremely high. You will have a terrific interest rate and low down payment.. FHA requires 3 1/2 down towards your purchase. VA is a 100% financing. Also, in some areas there are Rural Housing Loans offering 100% financing. Please let me know if you would like a referral to a terrific mortgage broker. Thank you.
Please let me know if you have any other questions.
Tampa Florida Realtor Pro
813-991-1355 home office
If you woud like I can give you the name of a lender who will be realistic with you about getting financing. He can also give you some practical advice about how to repair your credit scores. Contact me if you would like some referrals.