How do I find properties where owner will carry the loan?

Asked by Teri, Woodland Hills, CA Sun Jan 31, 2010

Me and my husband are trying to buy a house in Woodland Hills, but didn't even get the pre-approved. We got good credit, could give a down payment but we have been in the US for only 4 years, not enough credit history. Still want to buy a house and need help. Any advice?

Help the community by answering this question:

+ web reference
Web reference:

Answers

31
Tj, Home Buyer, Woodland Hills, CA
Sun Jun 26, 2016
I'm not familiar with the Woodland Hills real estate market but you may be able to submit an offer with a good down payment and make the sale contingent upon seller carrying a note for 15 years or so. Once you meet the lender requirements (check with several lenders prior to offer so you will get a good feel for the time limit) you can refinance and pay off the note.

Be sure to include no pre-payment penalty in early payoff. Some sellers may require a minimum or maximum number of years that they will carry the note. Be sure to negotiate all the terms that you want on the front end so that their are no disputes or question about the conditions on the contract.

Visit http://www.TheWealthIncreaser.com to get more helpful advice
1 vote
Kris, Home Buyer, Parker, CO
Wed Apr 12, 2017
Hi,
If you go to Zillow and look for property listed by owner. They will provide you contact info. That is the best resource available to supply contacts.
Kris Kellar Coldwell Banker
18801 E Mainstreet
Parker, CO 80134
303-250-7841
http://parkercoloradohousesforsale.com
kris@parkercorealtor.com
0 votes
Flag Thu Apr 13, 2017
Alo.bolton, Home Buyer, San Diego, CA
Tue Feb 21, 2017
kiva is an international nonprofit,
founded in 2005 and based globally, with a mission to connect people through lending to alleviate poverty. loans rate is 5.5% interest rate.

WITH NO UPFRONT OR ANY SORT OF PREPAYMENT FOR A LOAN

Mail communication at (kivacorp @ web. de)

Bless up..
0 votes
Flag Thu Apr 13, 2017
Christopher…, Agent, Peoria, AZ
Mon Feb 20, 2017
Because seller financing is uncommon, the buyer and seller would be wise to each consult financial and legal experts who understand how it works before entering into such a transaction. These experts should look out for their clients' best interests and guide them through the process.

You can follow us at http://sellphoenixarizona.com
0 votes
Ryan Lerwill, Agent, Rexburg, ID
Thu Feb 2, 2017
Develop a good relationship with a local lender, possibly a credit union. Make sure they have all the details of your financial situation and let them do their job. Money is often available but never accessed because people don't know where to look. A good lender will find options for you if there are any. If you finance through the owner, get legal advice and run it by your CPA as well. Just don't leave any stones unturned.

http://www.EastIdahoRealEstate.com
0 votes
Abragazmeel, Home Buyer, Woodland Hills, CA
Mon Jan 16, 2017
I think there ara many banks have loan programs. and you need to make deep search for realestate companies which can make different deals like that. For more information please visit our website and find the contact us tabs on international buyers at http://azmeelgroup.com
0 votes
Givanari, Home Buyer, Woodland Hills, CA
Wed Oct 19, 2016
A residential hard money loan is a good alternative to traditional bank financing. This alternative financing is beneficial to the borrower in many circumstances. In http://www.gokapital.com you can find a few of the reasons when a residential hard money loan might be appropriate. Check it.

https://www.gokapital.com/
0 votes
Flag Wed Oct 19, 2016
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Fri Jul 29, 2016
You may qualify FHA without having good credit, only 4 years in US, not enough credit history but with alternative credit such as rent, utilities, cable/Dish, car insurance, day care, etc.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. You may consider a 3%-5% Sapphire Grant down payment assistance program up to 417k from a minimum 620 fico score which does not have to be repaid.

You may consider 5% down Jumbo with a minimum 720 fico score from 417k up to 1.5 million and 10% down from a minimum 680 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
0 votes
Arpad Racz, Agent, San Jose, CA
Sat Jul 16, 2016
Hi,

Our local Multiple Listing Service has properties where they indicate SMC 1st (Seller may carry a first loan), SMC 2nd, and other indicators. I can search our local MLS (in the Silicon Valley Area) by these criteria. You would want to ask a local agent for that area to see if they can do the same there.

Kind regards,

Arpad
0 votes
Meghan Auger, Other Pro, Carmel, CA
Sat Jul 16, 2016
Thanks to all respondents
Web Reference:  http://uglyducklinghomes.com
0 votes
Jamie & Mark…, Agent, Sarasota, FL
Sat Apr 2, 2016
There are banks with foreign loan programs. The laws differ by state, but some require additional cash payment up front. For more information please visit our website and find the tabs on international buyers at http://www.thesrqduo.com
Web Reference:  http://www.thesrqduo.com
0 votes
InvestorWize…, Both Buyer And Seller, Houston, TX
Thu Mar 3, 2016
We actually come across a lot of seller financing or lease options. The key is to get involved with a few investors and let them know what area you are interested in doing seller carry back or lease option. We do this all the time and when a property comes available we let our prospective buyers know.

Check us out at http://www.investorwize.com
0 votes
Valerie McEv…, Agent, Oklahoma City, OK
Wed Jan 6, 2016
If you need help in understanding how to make the best offer on the lofts and condos in our urban living developments in Oklahoma City, Oklahoma...let me know..I specialize in urban living OKC and I'm here to help!
0 votes
Redahassanas…, Home Buyer, Woodland Hills, CA
Tue Oct 27, 2015
I want to know how the markets to your new site specialized in apartments and villas for sale Sheikh Zayed across Facebook, Google, Thanks
http://www.fifthgathering.com/
0 votes
Kola70, Home Buyer, Los Angeles, CA
Sun Oct 18, 2015
Check out their own on the net listings and call these people!
0 votes
Redahassanas…, Home Buyer, Woodland Hills, CA
Sat Oct 17, 2015
I want to know how the markets to your new site specialized in apartments and villas for sale Sheikh Zayed across Facebook, Google, Thanks
http://www.sheikhzayedsales.com/
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Wed Sep 16, 2015
Hello Teri, whatever happened? My office is in Woodland Hills and there are many loan program options available to choose from for all scenarios.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

If my response was helpful, consider clicking Thank, Link or Best Answer.
0 votes
Arabicloan11, Home Buyer, Woodland Hills, CA
Tue Sep 15, 2015
Hello,
Are you in need of urgent financial assistance for a personal purpose or for your business needs? Here is some good news

for you. We offer loans to individuals or corporate firms at the lowest annual percentage rate.
Contact us today to get:-
*Hard Money Loans
*Business Loan
*Debt Consolidation Loan
*Personal Loan
*Business Expansion Loan
*Student Loan
*Agricultural Development Loan
...And Lots more
Email: arabicloan11@yahoo.com
0 votes
Henry Javahe…, Agent, Woodland Hills, CA
Fri Aug 7, 2015
Hi Teri, i specialize in properties here in Woodland Hills CA! You need the right lender who can lend to you! There are many different options you can take. Give me a call and ill walk you through them!

Thank you!

Henry Javaherian
Listing and Selling Agent
Renaissance Realty
818-744-4485
0 votes
Ron Mast, Agent, Colorado Springs, CO
Sun Aug 2, 2015
If you are in Colorado, feel free to use http://www.realhelprealestate.com. We have a search like a realtor function that allows you to search just for owner carry: http://viewpropertydetailsandphotosofthishome.realhelpreales… they may be a little hard to find, but they are out there!
0 votes
David Trounce, Both Buyer And Seller, New York, NY
Tue Jan 27, 2015
Arpad is right. Your best best is to speak directly to the local real estate agents in the neighbourhood you want to buy in. Check out their online listings and call them!
0 votes
Arpad Racz, Agent, San Jose, CA
Mon Jan 12, 2015
Hi Teri,

A local agent can help you find this information. In the Silicon Valley area for example, in the MLS I use, there are ways to search for Seller May Carry / Finance 1st or 2nd. There are currently 5 in my area.

All the best,

Arpad
0 votes
Reda Hassan, Home Buyer, New York, NY
Mon Jan 12, 2015
Became looking for a real estate through the internet so established Chelhat site for sale in North Coast
http://northcoast-village.com/
0 votes
Carl Snyder, Mortgage Broker Or Lender, San Diego, CA
Fri Feb 5, 2010
A "good" credit score and not enough credit history are contradictions in terms. (You can't have one without the other.) If you have 2 years or more of steady employment, I see no reason why I cannot qualify you to purchase with conventional or FHA financing.
0 votes
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Tue Feb 2, 2010
Hi Teri,
I have a piece of advice for you to think about.
Why would anyone sell their home and carry the loan?
When you realize that people do this at the bottom of the market only and not at the top of the market there are reasons. Usually you will be charged a higher interest rate. Usually you will be charged a higher rate for the home as well. You may want to find out exactly what it will take to get a loan from a bank at a favorable rate.
consult a CPA and a Real Estate attorney.


Harold Sharpe
So Cal Homes Realty
(951) 821 8211

http://www.southern-california-home.com
0 votes
Richard Schu…, Agent, Los Angeles, CA
Mon Feb 1, 2010
Teri,

I would definitely talk to a lender first, you may be able to get pre-approved for a loan. If you are unable to get pre-approved, there is no central source for properties where the owner will carry the loan. What size down payment do you have? You may be able to find something, just be careful. A lot of lease or rent to owns that I have seen have excessive up front and monthly payments, taking advantage of people like you. If you have any questions, let me know.
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Mon Feb 1, 2010
Hi Teri,

You will want to look on Craigslist for things like.

For Sale By Owner
Seller Financing
Owner Financing
Rent to Own
Lease Option

You make a down payment to the seller and the seller will carry a "note" on the property. In order to protect yourself you would want to work with a title company to have a title commitment report done on the property to understand what encumbrances are there. Good luck!
Web Reference:  http://www.VallejoRei.com
0 votes
Jacob Varghe…, , San Jose, CA
Sun Jan 31, 2010
Have you both been working at least for two years? What are our FICO scores? I know lenders who may be able to help you.

Please feel free to contact me.
Web Reference:  http://bestcaloans.com
0 votes
Bandele Ogun…, Agent, Woodland Hills, CA
Sun Jan 31, 2010
Hello Teri: I can send you a list of all homes in Woodland Hills where the owner will carry. Call me at 818-825-6996 or email me at Bandele@BogunEnterprises.com.
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Sun Jan 31, 2010
Teri, has your lender tried pre-approving you and told you that you will not be able to get approved? I would try a direct lender such as Bank of America. I'm not a mortgage broker but maybe you would be able to qualify for FHA financing--which is usually "easier" than conventional. Or, maybe you can get a co-signer for your loan that is someone who would help out your situation. Let me know if you want a referral for a lender. I'd be happy to give you one.

If you want to find a house where the seller might carry you have to ask your realtor to look for it on the MLS search. If you're not working with anyone, let me know. I live and work in Woodland Hills.

Good luck,
Sara Mehrpouyan
smehr818@gmail.com
direct: smehr818@gmail.com
http://www.athomewithsara.com
0 votes
Kathy Weber, Agent, Murrieta, CA
Sun Jan 31, 2010
Teri,

This is a tough one. With the lender's tightening their belts and requirements, you may have to go to a FSBO (For sale by owner).

Many FSBO advertise in local papers, Craig's list, etc.

You can also seek out a private investor. Many of these advertise on Craig's list. Their interest rates are usually higher but their requirements may not be as stringent as a lender.

Some counties also provide special assistant programs for First Time Home Buyer's.

The competition is pretty fierce in most market's so even if you find a loophole to get in, it may be difficult to get your offer accepted.

Best of luck....
0 votes
Search Advice
Search
Ask our community a question
Financing in Woodland Hills Zip Codes

Email me when…

Learn more