Denise, Both Buyer and Seller in Cumming, GA

Owner / builder financing > 500 k in Cumming

Asked by Denise, Cumming, GA Sun Mar 31, 2013

I am interested in purchasing a home in Cumming for > 500 k, however would need owner / builder financing. Can anyone help?

Help the community by answering this question:

+ web reference
Web reference:


Al Casey, Agent, Canton GA, GA
Thu Sep 19, 2013
I am unaware of anyone offering owner finance in this price range. You must be careful if you do find an owner finance opportunity. Be sure you will get clear title to the home and the owner/financer is a lean holder. Have an attorney that represents you review all contracts. This will help prevent the possibility of misunderstandings or improprieties. That said I would recommend you contact a finance professional to determine how to obtain traditional finance. I recommend Angela Morton for my credit challenged customers. You can reach her at 770-934-0331 / 770-990-5070 or Its up to you to find someone that works for you!

Al Casey
678 725 0849
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Sun Mar 31, 2013
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

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 also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

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. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at

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 with over a decade of mortgage lending experience.

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.
0 votes
Fred Yancy, Agent, Woodstock, GA
Sun Mar 31, 2013
There are many builders currently building in Cumming and the surrounding areas for less than $500,000. And most prefer that you work with their lenders. Most builders are also offering help with closing costs and many are offering discounts on upgrades. Whatever you do, work with a buyers agent. The agents at the sales offices work for the builders and not for you.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes
Barbara Mart…, Agent, Alpharetta, GA
Sun Mar 31, 2013
I know of one builder offering that. I may be able to help you on that. Please call me directly at 404-583-8708. Thank you so much
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more