Alisha Dixon, Other/Just Looking in Birmingham, AL

I saw a sign for a house saying $200 down and $159 a month. I've never bought a house before or even owned one. Does that apply to anyone..?

Asked by Alisha Dixon, Birmingham, AL Wed Aug 1, 2012

The address was 8409 4th ave south.

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Hello Alisha, I looked up the house on the MLS and it appears that Owner Financing is an option. This would be the sign that you saw. As to the requirments of the lender(Seller in this case) it is up to them as to who qualifies.
0 votes Thank Flag Link Mon Aug 6, 2012
That doesn't sound realistic. It might be some type of owner financing, but it would not be a mortgage.

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

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0 votes Thank Flag Link Wed Aug 1, 2012
Who put the sign out? Unless you are using a USDA loan, the typical down payment is 3.5% of the purchase price. And $159 a month for a mortgage payments seems extremely low, so unless the property was offered for sale through a realtor I would be very suspicious.

If you want to buy a home, your first step should be to talk to a mortgage banker and see if you qualify for a mortgage and if so, for how much. Do yourself a favor, call a local realtor and work with them to find a good lender, find out if you qualify for a loan, and then find a home you both love and can afford. That way you will KNOW that everything is 100% legitimate. Realtors have to adhere to a code of ethics that others do not, please, hire a realtor.
0 votes Thank Flag Link Wed Aug 1, 2012
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