Usually owner financing seems to be a better way to go looking at it from the outside. From a legal point of view however, who will protect you if the deal goes sour? You will want to know who you are dealing with and may want to get a lawyer involved to check over your paperwork to make sure you are not signing your life away. One of the reasons people opt for seller financing is that they think they may not qualify for a traditional loan or that they could save money doing it on their own or maybe even both. Realtors and Mortgage Brokers get paid to help you find exactly what you are looking for and to protect your interests while purchasing the property.
There are loans still available with no money down even with credit scores lower than 600. Also Cape homes can be found at prices 90K and higher for a 3 bed, 2 bath home due to the number of foreclosed homes available on the market. I am also a Mortgage Broker. If I can assist you with any more questions regarding financing, please give me a call.
First Capital Lending
239-277-9244 Ext. 212