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When borrowers need creative financing, they often look for mortgages funded by the seller. However, several types of seller financing are available and it can be difficult to tell the difference. Today I want to examine the seller carry back mortgage. In essence: A seller carry back mortgage allows a buyer to take out a small [...] [...more]
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Due to the housing crisis, a lot of creative financing options have become unavailable. Right now, it’s pretty much impossible to take out a zero-down traditional loan or NINA (no-income-no-asset) mortgage. However, some homeowners who don’t have the documented income to qualify for a 30-year loan have found a solution: the 4o-year mortgage. By adding an [...] [...more]
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Taking out a hard money mortgage can be a useful short-term solution to some struggling buyers. However, if you’re ever on the other side of the equation (i.e. asked to be the lender instead of the borrower), use caution. Although there are many legitimate opportunities to invest, there are also a number of ways to get [...] [...more]
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The declining real estate market has prompted a huge number of desperate sellers to offer creative financing possibilities to potential buyers. Seller financing ads, in particular, seem to be increasing. San Francisco Gate’s On the Block blog explains: “The appeal of seller financing is understandable — the buyer doesn’t have to jump through hoops to get [...] [...more]
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FHA loans have become extremely popular in recent months because they are now the only traditional lending product that allows borrowers to make a low down payment (as low as 3.5% instead of the 20% most lenders require these days). In fact, a third of all mortgages created are now FHA insured. The growth of FHA [...] [...more]
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The emergence of desperate sellers means two things to buyers looking for seller financing: First, you’re going to find many more properties offering creative financing. Two, many sellers won’t be honest in their dealings. When done correctly, seller financing can benefit both parties. However, buyers should reconsider deals with sellers that are already facing foreclosure and [...] [...more]
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If you want to purchase a home but don’t qualify with traditional lenders, you may still be able to get a loan via creative financing techniques. Whether you have bad credit, a low down payment, self-employment issues, or other problems, there are dozens of realistic and financial sound solutions available. The trick is figuring out [...] [...more]
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A lot of people can’t qualify for a traditional home loan in the current market, but that’s not stopping them from seeking creative financing strategies. The $8,000 first-time home buyer incentive and declining home values are making some people consider purchasing property while others are struggling to get out of upside-down loans. Credit.com points out the [...] [...more]
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New statistics show that sales on existing homes dropped to the lowest point since 12 years ago. As sellers become more desperate to eliminate the burden of an unwanted property, many are offering creative financing strategies. MSNBC reports: “The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate [...] [...more]
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CreativeFinancing101.com has just joined Twitter. If you want to join the conversation about creative financing techniques, look us up. Similarly, if you’re a mortgage professional with tips to share, we’d love to hear from you. Here’s our profile: Twitter.com/FinancingIdeas Image Credit: Wordle.net [...more]
