Does anyone have any homes in Napa with seller financing?

Asked by Tygerli11y, Napa, CA Tue Apr 10, 2012

I make a good income but have a large amount of student loan debt that is paid by a goverment program. The bank sees this as "deferred payments" and will not approve me for a conventional loan. Thanks!

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Ray Beem’s answer
Ray Beem, Agent, Napa, CA
Thu Apr 12, 2012
I understand you your concern. I todays economic environment it is hard to convince a seller ot consider financing some of the loan. Both the City of Napa and County of Napa have programs in place that can contribute silent seconds at very reasonable rates to help with down payment. Perhaps that can help. I you need additional information, let me know and I will put you in contact with the right peple.
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Charles Laug…, Agent, Napa, CA
Tue Apr 10, 2012
BEST ANSWER
Seller financing is rare to non-existent within the Napa market over just about all price ranges.. this is due primarily to the fact that the majority of sellers have very little equity in their property.. I would suggest contacting additional lenders such as Prospect Mortgage, RPM Mortgage or even some of the internet lenders, eg, Quicken, etc.. to see if they might have a program that fits your financial situation..
0 votes
David Bridges, Agent, Napa, CA
Wed Apr 11, 2012
I have to respectfully disagree with the other 2 professionals that have answered here. In my office today I was discussing a $1m transaction that is Seller financed. If you merely look in the MLS then you will rarely fine Seller financing noted. As I said before. . .not every seller is in the position to offer and YOU as a buyer may not meet their threshold. It is easier to say “no it is not out there.” The truth is they are not easy to find but that is why you work with a professional.
0 votes
John Souerbry, Agent, Fairfield, CA
Tue Apr 10, 2012
There are no seller-financed homes on the market in Napa today per the MLS. But keep in mind that most sellers require the same credit qualifications as required by mortgage lenders.
0 votes
David Bridges, Agent, Napa, CA
Tue Apr 10, 2012
Today there are many Sellers willing to "carry paper" rather than earn almost nothing in the bank. Now not every seller is in the position to do this but you will have to narrow your search.
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