Owner Financing, Rent To Own, Real Mortgage!

cPamela Madore
Keller Williams Realty
Pamela Madore Mortgage. #289635
806-290-1920


Is Owner Financing The Way To Go?

When I hear someone say they want owner financing, I always ask myself the question---Why?

Pamela Madore Mortgage

The obvious answer is that they don't think that they can qualify for a mortgage.

Let me tell you a little bit about owner financing and how it works.  

First, you have to find a seller that is willing to owner finance.  As time goes on it is harder and harder to find these properties because of current laws.  

 You also must be very careful to know the difference between "owner financing" and "rent to own".  

Pamela Madore Mortgage

They are two totally different things.  On an owner financing you give the owner a down payment, you get the deed at closing and you own the property subject to making your mortgage payments to the owner.  The only way you lose the property is if you stop making payments and then the owner must foreclosure on you.

On a rent to own, you typically give the owner a down payment but you don't get the deed at closing. The owner has it set up so that you don't actually own the property until you pay it off.  Therefore, you are actually nothing more than a tenant subject to eviction and loss of all money paid to the owner.

Pamela Madore Mortgage

Which sounds better?  The owner financing, of course.

But what about a third option.  I go back to the original question---why.  Why do you need owner financing?

The most common answer I get is "credit".  Credit is something that can be fixed.  I help people do it all the time.  Sometimes even people think they have bad credit when really they don't.  You really won't know what you need for credit until you talk to a mortgage professional, like myself, and get the real answer about what a lender with accept.  

What is you are self-employed and don't show any income?  I have a program for that.

Don't have papers?  I can work with an ITIN.

Pamela Madore Mortgage

Owner financing can be appealing if you think you can't qualify for a mortgage.  However, if you are only looking for owner financing houses you will have few choices.

Give me a call or text or email today and let's talk about your options because you make a decision!

Pamela Madore
Keller Williams Realty, Realtor
Pamela Madore Mortgage, #289635
3955 S. Soncy
Amarillo, TX 79119
806-290-1920
pamelamadoremortgage@gmail.com