Posted on: 28th Dec, 2009 12:25 pm
I am in the process of buying a small home which I intend to owner-finance to my end buyer. The buyer will provide a $3,500 down payment and I am selling the house for $35,000, so I will carry a $31,500 mortgage at 10.5 per cent for 10 years. I would like to strengthen the contract by requiring my buyer to purchase private mortgage insurance in the amount of $31,500. Is there any company or companies out there who do this kind of thing? If so, I'd like to obtain a rate quote and establish a relationship. Thank you very much.
i'm afraid you'll not find any mi companies willing to take a bite of that pie. they're arch conservatives now, compared to the liberal attitudes of the earlier part of this decade.
also, their business is with businesses and not individuals. they'd want to know that the package they're dealing with (loan applicant) is worthy and that the lender is worthy as well. you'd have to be in contract with them, and your one loan isn't going to be valuable enough to create such a contract, i'm sure.
but of course, try and find out on your own anyway. just google for mi and i'm sure you'll find all the companies that way.
also, their business is with businesses and not individuals. they'd want to know that the package they're dealing with (loan applicant) is worthy and that the lender is worthy as well. you'd have to be in contract with them, and your one loan isn't going to be valuable enough to create such a contract, i'm sure.
but of course, try and find out on your own anyway. just google for mi and i'm sure you'll find all the companies that way.
I appreciate your prompt reply. The house is in North Carolina. I look for deals in NC, SC, GA and VA. Any leads or advice you could give me in those areas would be appreciated. Thank you so much.
