If you are thinking of buying a home and have bad credit we can still help you find your dream home. We have lots of programs for homes Buyers.
We have lenders that offer these programs.
1. 1st time homes buyers programs.
2 Fha has programs 3 to 3.5 % down
3. conventional 3 % down
4. Rural area loans with as low as a $1000 down.
5. Zero money down programs.
6. Then there is Owner financing where the seller will sell you a property and finance it themselves. It can be called a few different things-seller financing-Owner financing-Contract for deed-In Wisconsin they call it a land contract.
Sellers usually want 10% down of the sale price of the house to do a cd.
Credit usually doesn’t matter.
We have helped buyers purchase a property with bad credit-low credit scores-high to debt ratios-foreclosures-Bankruptcy-tax liens-child support.
We have all types of properties-condo’s-town homes-Acreage-Hobby Farms-Lake homes-lake shore-deeded access-lots-New construction and much more. All cd terms are different per owner.
We try to work directly with the owner so it saves you on rates and cd terms. Investors will charge you a higher rate on your purchase.
Remember using a knowledgable realtor is very important with owner financing. We work with cd financing on. daily basis and have been in business over over 20 years..
You may browse properties on our site or if you ‘DONT HAVE A REALTOR” Call us we can help you find your dream house.
Important tips if you are considering buying a home with a contract for deed.
Apply for a conventional-Fha-VA-MHFA-Rural area mortgage 1st.
You should first try to qualify for a mortgage loan from a bank, credit union or other licensed mortgage lender. It will include more consumer protections and your payment will be less than a contract for deed.
Contact for deed closing costs are a lot cheaper than a mortgage.
Research the property title the title if you are not using a title company. I highly recommend you use a title company or law office to close the sale.
Purchase title insurance.
Use Steve Vennemann BoardWalk Premier Realty INC to be your Realtor/Broker.
In a contract for deed sale, the buyer agrees to pay the purchase price of the property in monthly installments. The buyer immediately takes possession of the property at closing, often paying 10-20% down of the sale price of the property, while the seller retains the legal title to the property until the contract is fulfilled.
A Contract for Deed is a tool that can allow buyers who either don’t qualify for traditional lending options or who want a faster financing option to purchase property. Quick closings possible with in 7 days if the property is vacant . The buyer gets legal title to the property once the final payment is made.
The IRS does allow you to deduct the interest portion of the payments you make under a contract for deed MN from your income taxes if you itemize deductions. You can also deduct any real estate taxes you pay, just as with a mortgage.
Contract for Deed Refinancing. In many cases you may be able to refinance your contract for deed, though you’ll need to work with a mortgage lender-Bank-Credit Union. In a contract for deed refinance, the seller currently providing your financing sells you the home and you use a new mortgage loan to purchase it and gain legal ownership.
The big difference between a rent-to-own arrangement and a Wisconsin land contract is that the seller maintains control of and responsibility for the property in a lease deal. The seller is responsible for the maintenance of the property, any repairs and for paying property taxes and insurance, the same as any landlord.
The Rent to own the tenant Rents the property for a future date and can purchase it the property at anytime. The Owner/Landlord can basically sell the home if the buyer does not perform on the rental agreement. I recommend not putting any money into the house because the tenant may not get any of it back.