Owner (Seller) Financed Homes in the Poconos
What is a Poconos Owner Financed Home ?
Having problems qualifying because of increasingly difficult bank mortgage guidelines, or credit problems ? Owner financing has always been here and in this market is the perfect way for you to get the home you want. Simply, if you have the income (a job) to pay the mortgage and have a reasonable down payment, like at least 20% of the purchase price, owner financing may be the best option for you.
Why Buy an Owner Financed Home?
Easier to qualify, but be prepared to fill out a mortgage application.
Less paperwork and less hassles. Owners make the decision themselves.
No hidden fees
Payments can include property taxes and insurance
How Does an Owner Financed Purchase Work?
Owner financed home purchases usually require employment, income verification and often a completed mortgage application to make sure that the buyer can afford the monthly payments. Some owner financing requires a balloon payoff so.. the seller (and you) will want to be sure you will qualify at the end of the mortgage term term. Next, an agreement is drafted by your agent or attorney, the deposit fee is paid in order to secure the current purchase price. Title insurance is ordered and the seller financed property closes.