Any real estate agents in the atlanta area who specialize in creative financing?

Asked by Mkwf, Atlanta, GA Mon Jun 18, 2012

interested in buying home via owner financing or other creative financing options

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, ,
Mon Jun 18, 2012
In order to do owner financing, the owner must own the property free and clear of any mortgages. If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full.

Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is in great risk on a lease purchase transaction should the seller quit making their mortgage payments. Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
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, ,
Mon Jun 18, 2012
You should be talking to someone who actually does the financing. Getting the Realtor that BELIEVES in creative financing is very important as many of the ones I know are afraid of it (lack of knowledge) or just plain don't understand it.

I work with private lending, hard money and banks who lend against the normal conventional ways.

Most non-conventional lenders will require a minimum of 30% to 40% down. Depending on your citizenship status, rates vary from 5% to 15%. The average is 10% for any type of loan.

I have one product that has rates between 5-8.5% interest only for up to 20 years and balloons in 5 years. No pre pay penalty. It requires 30% down. Requires decent credit, income from the rental property and proof of assets. The down payment must come from a retirement account which is rolled over to the lender. The lender then lends money against the retirement account as the down payment and lends the rest. This is for investment single family homes only.

Another option with this bank requires 40% down, uses an LLC (rental income required) with assets needed. Credit may be waived. This is for multi-unit property and/or single family homes.

Another option is to buy the note instead of the house. In this case, the lender is contacted directly and a payoff is negotiated. We then obtain an investor to lend you the money to pay off the note. This is good for acquiring property with little or no money out of pocket. Rates usually start at 10% and are financed for up to 30 years. This option is available for primary and investment properties and can be used to buy anything.

If you have other property that is free and clear, you may also use the house as collateral for your down payment or a portion of it.

And then there's good ole hard money with 35% down, fog up the mirror and get a loan. Just kidding. These lenders changed the rules and now require tax returns, bank statements and pay stubs. However, many will use the after repair value (ARV) to qualify the loan. Make note that a hard money lender's value is not the same as yours. Sometimes, they will use a value less desired by everyone else. Interest rates range between 12-15% and require payoff within 6 months.
0 votes
Michele Godd…, Agent, Atlanta, GA
Mon Jun 18, 2012
Yes, my business partner and I are well versed in several ways of purchasing a home via creative financing options. We could sit down with you and go over the different options available for you, if you are interested. Please contact me via email or phone to discuss.


Michele Goddard
Keller Williams Realty Metro Atlanta
0 votes
Morgan Hill,…, , Sandy Springs, GA
Mon Jun 18, 2012
Yes, I specialize in creative financing.
0 votes
Le Johnson, Agent, Atlanta, GA
Mon Jun 18, 2012
I have someone that would do owner financing call me @ 404.981.4476
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