Owner Financing, the Alternative to Traditional Lending
Owner Finance also called Seller Financing is the oldest version of financing. An owner finance transaction is a non-institutional loan (no banks) in a real estate sale between the buyer and seller. The seller/owner becomes the lender and the seller’s security is the property.
With traditional lending, the buyer would apply to get a loan through the bank. Once they were approved, the buyer would then make monthly payments to the bank. With Owner Financing, the buyer makes the monthly payments directly to the seller. This option removes the need for bank backing.
The seller sets the terms for repayment, number of payments, interest rate and down payment needed.
Owner Finance is a great alternative for anyone who can’t get lending through the traditional bank loan. Whether this is due to less than stellar credit, you’ve already maxed out what you can borrow, you are self employed or you don’t qualify for another reason. What ever the roadblock to traditional lending may be, Owner Financing could be the solution.
What are the benefits of pursuing an Owner Financed property?
- Fast Closing – NO WAITING FOR BANK APPROVAL
- Lower Closing Costs
- Faster Possession of the Home
- Flexible Financing
Does Owner Financed Property sound like the path you want to take to homeownership?
If so, fill out the form on this page or give us a call 208-287-5450 today!
Learn more about the benefits and drawbacks of Owner Financed Properties here. Learn More
There is more than one way to purchase a home. Learn about your options and find the right fit for you and your family.