subject: No Credit Check Owner Financed Homes-you Can Buy A Home Regardless Of Credit [print this page] You can buy a home with no credit check and actually own it! On an owner finance type purchase you get the deed at closing similar to if a bank had loaned you the money. Below are some details of the various programs available to people with less than perfect credit.
Rent to own -is just like it implies you do not own the property until you have made the very last payment so if you did a rent to own for 30 years it means it would not be yours until 360 payments (It will not be in your name until the 360th payment is made!!) have been made and guess what if you miss or are late on even one payment in most cases it reverts to renting with no chance of it being yours even if the remaining payments were made on time. You are a RENTER until the last payment is made!!
Lease option- Similar to a rent to own but here you are basically signing an agreement to buy the property at some future date. In the meantime you are paying a hefty deposit which is usually not refundable should you decide not to buy. This is a way for the landlord to get down payment benefits of a purchase on what is actually closer to a rental. If you do not exercise your lease option to buy you could lose both your deposit (lease option fee) as well as any payment credits)
Contract for deed- This is very similar to a rent to own. The difference is that on a contract for deed you have a purchase contract similar to that of a rent to own but here you get a promise for the deed to go in your name once all payments are made and you get very few real ownership benefits if any. Many states do not allow a contract for deed transaction or have heavy restrictions on the transaction but terms on these are usually pathetic. High interest rates and consequently high payments are common. Do your homework and rely on professionals other than just those trying to sell you the home.
Owner financing is the way to own a home and without all the problems mentioned above. This is when a seller or owner of the home lets you pay them over time instead of requiring you to get a mortgage with a bank. You can buy no credit check houses homes via owner financing and own the property immediately. This is fast becoming the most efficient, economical way for people with good bad or no credit to purchase a home.
Since no credit check home financing doesnt rely on your credit score, the purchase of your new home can be completed very quickly. Sometimes, the process can be completed in as little as a few days. You can also get good interest rates and a low down payment. Always consult a competent attorney to help you navigate through this simple process and before you know it you will own the home of your dreams via owner finance and with no credit check.
by: Dan Heskett
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