How To Utilize Owner Financing To Buy A House in St. Joseph

Don’t quite have enough of a down to qualify for a mortgage? Credit needs repair? Expecting financial gains through raises or other means in the near future? While you may be locked out of the benefits of homeownership through conventional methods, owner financing may be just the opportunity for you. While similar to buying a home through a rent to own contract, this method of financing differs in that there’s no opting out after a year or two, you are purchasing the home. We’ll cover how to utilize owner financing to buy a house in St. Joseph .


Should your desire be to build your real estate portfolio, yet you have credit issues or have reached your loan limit with conventional banks, owner financing allows you to move forward. By leveraging the seller’s ability to fund the property, you can achieve your goal of growing your portfolio, by arranging owner financing to buy a house in St. Joseph . 


While the For Sale by Owner home you are viewing may not have offered owner financing, try bringing the subject up to see if you can negotiate a favorable deal for owner financing to acquire a house in St. Joseph . You can show how serious you are by being ready to discuss just how much you have for a down payment and the terms you could afford if they’re in a position to do so.

Save Time and Money

By the use of owner financing to buy a house in St. Joseph , you can save money by avoiding the fees and commissions involved with a conventional transaction, including closing costs. Likewise, because all of the dealings are between you and the owner, you can move quickly through the process and begin living the dream of homeownership much sooner.


When using rent to own for financing, you don’t own the home, yet in most cases, you are responsible to care for the home as if it were yours. When you take advantage of owner financing to buy a house in St. Joseph , you do own the home. The seller has decided that you have met their requirements and they’re willing to finance the entire balance due, less your agreed upon downpayment. Unlike rent to own, where you can only hope the landlord is making their mortgage payments, you will know they are being made on the home you reside in because you are the one making them.

Balloon Payment

In the same way that renting to own allows time for you to build up savings, often, owner financing is for a shorter term than conventional mortgages, with a balloon payment, due after 5 or so years. To use owner financing to buy a house in St. Joseph to your best advantage, consider this time period as your chance to save towards your conventional loan and repair your credit,


Another benefit of utilizing owner financing to acquire a house in St. Joseph is that over the period of the contract, you are building equity in the home you have purchased. For this reason, you will want to invest time and be aware of all of the factors involved in finding the best home for your family, based on what you can afford. Carefully consider the property you purchase and the potential outlook for the market in this location.

If you are ready to purchase but finding the traditional path to a mortgage loan doesn’t fit your current financial circumstances, we can help you utilize owner financing to buy a house in St. Joseph . Black Swan Properties will make it easy and set it all up for you. Send us a message now if you have any questions or give our team a call at 816-688-3750 today!

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