We found a home we love..my husbands creidt is good and mine not so good. How is owner financing approached? Or do you have any other suggestions?

Asked by Tay1234, 77365 Thu Jun 9, 2011

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Suzanne MacD…, Agent, Morristown, NJ
Thu Jun 9, 2011
Have you talked to a lender? Sometimes people think they have bad credit when in fact it is not so bad! FHA loans especially can be done with marginal credit and there is also the option of putting the mortgage in your husband's name only.

Talk to a good LOCAL lender, not someone you find on the internet. If you don't already know someone, talk to a good realtor first and let them suggest a lender. It will cost you nothing and you will know exactly what you can and cannot do. You will also know how to improve your credit rating, etc, and how long that will take so that you will be making decisions based on facts (not what the folks on TV tell you, actual hard facts)!

You may find you can get a mortgage now, or you may find you can get a mortgage in two months from now, or you may find you need to discuss seller financing. Either way you will be dealing with facts and not conjecture.

Good Luck!
1 vote
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Thu Jun 9, 2011
Suzanne reply is spot on. However, it more important for the lender/loan officer you speak to be licensed more so than local. Local is convenient, but it doesn't always mean knowledgeable or reliable. If you're working with a realtor, he/she should know someone they've used and you can trust and talk to.
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Don Groff, Agent, Austin, TX
Thu Jun 9, 2011
With owner financing you typically need to put down a sizable down payment. Most owner's will want this. I would definitely talk to a lender or broker first and rule out traditional financing options first. You may also be surprised that you qualify or are closer than you think. Either way you need to do this so you can pinpoint the problems and ensure that you are moving in the right direction. Eventually you will need to refinance the owner finance loan and if you are unable you could lose all of your equity you have built up.

Best of luck to you.

Don Groff
REALTOR | Mortgage Broker | Consultant
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
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