Here are some programs to get you started with purchasing a home.
We have lenders that offer these programs.
1. 1st time homes buyers programs.
2 Fha has programs 3 to 3.5 % down
3. conventional 3 % down
4. Rural area loans with as low as a $1000 down.
5. zero money down programs.
6. Then there is owner financing where the seller will sell you a property and finance it themselves. It can be called a few different things-seller financing-Owner financing-Contract for deed-In Wisconsin they call it a land contract.
Sellers usually want 10% down of the sale price of the house to do a cd.
Credit usually doesn’t matter.
We have helped buyers purchase a property with bad credit-low credit scores-high to debt ratios-foreclosures-Bankruptcy-tax liens-child support.
We have all types of properties-condo’s-town homes-Acreage-Hobby Farms-Lake homes-lake shore-deeded access-lots-New construction and much more. All cd terms are different per owner.
We try to work directly with the owner so it saves you on rates and cd terms. Investors will charge you a higher rate on your purchase.
Remember using a knowledgable realtor is very important with owner financing. We work with cd financing on. daily basis and have been in business over over 20 years..
You may browse properties on our site or if you ‘DONT HAVE A REALTOR” Call us we can help you find your dream house.
The buyer agrees to directly pay the seller in monthly installments. The buyer is able to occupy the home after the closing of the sale, but the seller still retains legal title to the property. Actual ownership passes to the buyer only after the final payment is made /refinanced or paid off contract.
As in a standard mortgage, a contract for deed typically has an agreed-upon price and payment schedule. But the payments are often not amortized evenly over a long period, meaning you will likely be required to make a large lump-sum “balloon payment” at a specific date which is usually 3-5 years to complete the purchase by covering the full balance due on the sale price. At that time, you will probably need to get a mortgage for the balloon payment or you may sell the property and keep the equity in the house. I recommend planning a year a head just in case you have something that comes up and you cant refinance it. Talk to the seller and see if they will extend the contract or the buyer may sell the property.
Recording the contract for deed
Within four months of signing the contract for deed, you must “record” it with the office of the county recorder or registrar of titles in the county in which the property is located. If you do not do so, you could face a fine. Recording the contract will also help prove your possession of the property and protect you from post-contract encumbrances placed on the property by the seller.
I recommend using a title company or law office they will record the deed for the buyer also do a title search to make sure the property is free of liens.
Generally the IRS will consider a contract for deed to be a sale, which means the buyer can deduct the interest payments the same as if they had a mortgage payment.
Buyers have the full ownership rights to the property, the buyer is still required to maintain the property, pay taxes.
Benefits of a contract for deed In Minnesota
Easy qualifying –
Quick closing. No delays from the lenders-Mortgage companies
Owners who sell their homes on a CD understand that a buyer is unlikely to have perfect credit and stable income.
Contract for deed payments are structured similar to a mortgage. The buyer pays the Owner their monthly payment the principal amount gradually decreases over time.
No lender fees -Huge savings..
Right to improve the property and build equity
Improve credit so the buyer can get a mortgage and refinance the home. Goto credit karma.com for free credit information
To learn more about our contract for deed programs email us.
Tell us where you want to live?
How much you want to put down?
How soon you want to move.