Posted on: 23rd Dec, 2010 06:16 am
I am thinking of going through a owner financing program that is backed by a bank. I would make my payments through the bank and my loan is for 3 years balloon payment amoritized over 30 years at a rate of 6.5%--purchase price is 164,000. This is a creative way of financing for those who do not have the credit right now--its a second chance program because in 3 years your credit should be repaired. Is this a good idea?
Hi mroach,
Owner financing is not a bad option to buy a home. But I haven't heard of an owner financing program which is backed by bank. Before plunging into this option, you should make sure you understand all the terms and conditions of the contract so that you won't have to face any kind of surprises in the long run.
Thanks
Owner financing is not a bad option to buy a home. But I haven't heard of an owner financing program which is backed by bank. Before plunging into this option, you should make sure you understand all the terms and conditions of the contract so that you won't have to face any kind of surprises in the long run.
Thanks
idea really seems interesting .
but who is offering this , is it online ?
but who is offering this , is it online ?