Private Money for first time home buyer????

3 Replies

Self employed with a good accountant, sound familiar. Either way I have never financed a home even though I have owned/built a few. So now that I am out to purchase a home I obviously do not qualify for any full doc loans because of net income. Seems that I have yet  to find a creative finance person willing to look for sub prime or private money. Only program that was even mentioned to me was a stated income 30% down 700 FICO loan. which to me honestly doesn't sound appealing. Even though I could do 30% down, I don't wanna clean out my accounts just because I have been successfully self employed for 15 plus years? ERRRRR!!!! So frustrating. Any suggestions or tips??? And God no I do not wanna file income tax amendments just to fool the bank, Can honest people find finance in the world today?? Thanks in advance

@Peter Adams  

Owner financing 10 per cent down, pay full retail, get good rate

Find a good negotiator buyers agent to help you with the terms and offer to pay his commission

Usually the best owner financing deals are people that want to sell a property it's free and clear of loans and they want to look at owner financing installment sales.

I have been looking for hose "Unicorns" for a few years now. It seems like here in the L.A. area it is increasingly impossible to find these deals as brokers and realtors all hoard them.

Also not that I am opposed to owner financing, but if I were lucky enough to find one, you also are limited to that area, that deal. I am looking for a primary residence aka place to raise the family and die... lol

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