Article will provide brief overview of creative financing mortgage alternatives, highlighting how to assume a mortgage loan, how to receive seller financing, how to buy a home with no money down, and lease options.
Low interest rates are encouraging many people to take the first step toward
home ownership. Those who have never purchased a home may be unaware of how
extensive the home buying process may become. Lenders request a variety of
documents in order to verify employment, income, credit, and so forth.
many individuals with hopes of purchasing their first home are unable to do so
because they do not meet bank qualifications. Reasons for a mortgage denial may
include poor credit, recent bankruptcy, foreclosure, and self-employment.
Individuals who are denied a mortgage may become discouraged. However, there
are several alternatives to a conventional bank mortgage. Many lending
institutions require a 3% down payment, acceptable credit history, and low debt
to income ratio. Fortunately, there are private investors and lenders who are
willingly to offer non-conventional mortgages to those who are not ideal
candidates for banks.
Creative financing a home mortgage includes a variety of options such as
assuming a mortgage, buying a home with no money down, seller financing, and
lease-options. Anyone can purchase a home using one of these methods regardless
of credit or income. These methods make financing a home quick and easy. In
some cases, the new home buyer may even save money.