Seller Finance or First time home buyer?

1 Reply

Hi there!

I'm a first time home buyer and looking to buy my first house to live in and eventually BRRR. I have an opportunity to buy my grandmothers house on a nice chunk of land in CA from my relatives (seller finance option). My question is do you think this would be my best choice as far as a loan is concerned or do you think I should exercise my first time home buyer rights?

I know that some key factors like down payment and interest rate will matter from the seller finance perspective but in generally what do you suggest?

Thanks for your help!

Melody

@Melody Abreu the only way to know is have a specific offer on the table. Owner financing is deal specific. So you can't know what you are comparing a first time owner program to.

You can get first time home buyer terms on most properties. You can only get owner financing on a very limited number of deals.

My guess is 1st time buyer options are going to be the best choice. You can do owner financing on future deals. 

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