If you’re planning to buy a home but you cannot afford the down payment, owner financing might work for you. Owner financing or seller financing happens when the owner of a home finances, in whole or in part, the sale of his property. In short, the owner of the property acts as a bank and loans the buyer all or part of the amount needed to purchase the seller’s property.
Owner financing offers benefits to both buyers and sellers. Aside from being able to sell their properties for a good price, the sellers also get an excellent return on their money because now the buyers borrow money from the sellers, rather than from a bank, that they would have to pay with interest.
The buyers, on the other hand, can still own a home even if they don’t qualify for conventional loans. And because there are no closing costs to pay, buyers save a lot of money in the process, too. They can also negotiate for smaller down payments or lower payments.
Now, you can find a good selection of owner finance homes from OwnerFinancingListings.com. The website is easy to navigate; all you have to do is type in the city and state (or zip code) of your choice and you will be given a comprehensive listing of owner financed homes in that neighborhood complete with photos and property details. You can also search for your ideal home by amenities and price if you like. In times of global economic crisis, it’s good to know that there are affordable housing options for everyone.