Who Should Look For Owner Backed Financing?
If you fit into any of the following parameters, owner financing may be your best choice:
- You don’t qualify for traditional loans because of bad credit from late payments, collections or bankruptcy on your profile.
- Your credit is only okay, so you may don’t qualify for a preferred rate. With owner financing, the seller will most likely ask for your credit report, but will be far more flexible than a bank on a rate.
- You’re self-employed and can’t prove your income.
- You have a new job and not enough work history to comply with lending regulations
- You can’t afford to pay closing costs for the mortgage.
- You need to get into a home faster than the typical loan process allows.
