BUYING A HOUSE WITH SELLER FINANCING

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Congratulations! You’re ready or getting ready to buy your own house! Most people know about the traditional route and getting a mortgage through a lender, but depending on your situation that may not be right for you. Today we are going to talk about the benefits of buying a house with seller financing.

It can often be difficult to get approved for a mortgage loan through a bank for the amount you need to buy the house you want. Banks frequently require that you have worked the same job for two or more years. You must show a predictable income with paystubs and W-2’s. They can also turn you down for things such as your credit score and debt to income ratio – it seems any little thing can make it hard to meet their ridged guidelines. However, sellers who offer owner financing do not need to adhere to the strict rules banks do and can work freely with individuals who may not fit the cookie cutter mold of a “typical” homebuyer.

If time is of the essence, buying a home with seller financing might be right for you. It can take time waiting for the lender to approve and process your loan. You may also have to wait on the underwriter and legal department. All this can sometimes take over a month. With seller financing, you can be done with everything and moved into your new home within a matter of days.
When you buy a home through seller financing there are also closing costs that you can avoid – saving you money! No appraisal costs or bank fees such as processing, origination, or administration fees, which can stack up on you quickly.

There is also a lot of room for negotiation when you buy straight from the owner. Things such as the down payment, interest rate, loan term can all be negotiated directly with the owner. This can make it much easier to find a situation that works for you and the seller. 

Please don’t hesitate to contact us for more information on buying though seller financing or properties we might have available for you!

For Louisiana: www.ibuylouisianahomes.com 225-800-4445

For Texas: www.yoursouldtexas.com/houston  832-956-0444

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