Leasing with Option to purchase is a great way to buy your own home even if you have BAD CREDIT
When sub-prime mortgages were available, it was not so bad if you had a little bump on your credit report. If you had bad credit, you paid a higher interest rate, but at least you could still share the American Dream of owning your own home. There is just something special about coming home after work to a home that you can call your own. Sure, you still owe somebody a bunch of money for it, but you know that if you take care of your home and even improve it, you alone will benefit.
Almost everyone at some point in their lives experiences situations which can injure their credit rating. Job loss, divorce, illness and even imaturity can devastate your credit and if you don’t understand the credit scoring business, you may never get qualified for a prime mortgage. Many real estate investors are stepping up to the plate to help folks who have good incomes but have “bruised” credit by offering Seller Financing or Rent to Own in the absence of available bank loans. Lease Option , Rent to Own, Lease Purchase, Contract for Deed, Land Contract, Lease to Own or Owner Financing. Call it what you want, but all are legitimate forms of Seller Financing which allow you to own your own home even if you are human and have had a few bumps along the way. A seller who is serious about helping you successfully purchase the home will pull a full credit report and fully evaluate your situation. At that time, you will get a pretty reasonable estimate of how long it will take to repair your credit.
Essentially there are just two distinct types of Seller Financing. Both involve some cash up front and a monthly payment. The major difference is who holds the deed. Lease Option and Lease Purchase, Rent to Own, Lease to Own, contract for deed and similarly named programs require that the deed stay in the name of the seller. The buyer proffers up some non refundable cash, either as a down payment or as a fee to secure the exclusive right (option) to purchase the home for some defined period of time. A monthly payment (rent) may or may not apply in part towards the purchase. Usually these arrangements stipulate that the buyer obtain conventional financing at some point in the near future, usually one to five years.
Owner financing, per se means that the deed is transfered to the buyer and the buyer signs a note payable to the seller. This approach is the only way the buyer can qualify for the Federal Tax Credit of $8,000. That is found money my friend and can represent a significant portion of the down payment. The larger down payment, the lower the ultimate interest rate when re-financing. The note to the seller is generally at an interest rate somewhat higher than market rates, much as were sub-prime mortgages.
The down payment requirement and the term of the note varies immensely and is totally dependent on the seller. It is common that a balloon payment will be stipulated after several years, but many sellers will write an ammortizing note, payable over 20 or more years. These notes are often sold on the secondary market just as are bank mortgages.
The key to a successful “seller financing” deal, (except for the long term note) is that the buyer must succeed in improving his credit and income position. Some buyers actually manage on their own to improve their credit scores, but I have found that most continue to procrastinate. That’s why we have begun working with our buyers to agressively pursue the credit repair process. There are some very specific methods that are quick and successful in enhancing credit ratings. We actually implement these tactics on behalf of our buyers so that we know the steps are being taken correctly. It takes a fair amount of effort on our part and requires total cooperation from the buyer, but rewards are great. Seller Financing is truely a blessing for good folks who have had some tough breaks. It is a legitimate way to purchase a hobme and one that is becoming more and more available as bankers continue to hold their funds, afraid to loan to just about everybody.
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