In today's current market there are a large number of people who cannot qualify for conventional bank financing, but they do not have to be excluded from purchasing a home. There is alternative financing available to this segment of the market.
Owner financing is when an individual home owner offers to hold a mortgage on his/her home. In addition on the multiple listing service those homes that are owned by a bank , corporation, Fannie Mae, Freddie Mac , and the VA, also offering financing to the buyer are classified as "owner financed."
It is very difficult trying to explain to prospective buyers why these non-individual owned homes are classified as owner financed. It is even more difficult trying to get them to understand a bank owns the property and is willing to do the financing. The banks that are doing this usually offer more lenient credit terms, a lower interest rate, and will finance for 2-5 years with a balloon payment at the end of the term. In the majority of the cases the homes are brand new because the builder defaulted on his construction loan.
Americas Network Realty Group's website www.kstrealty.com contains a mixture of these owner financed homes. The website allows the visitor to search for owner financed homes, using various criteria, for example: city, price, zip code, school district, subdivision. The visitors can also submit questions and requests for appointments via the website.