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Owner Financing May Be A Viable Option When Buying Your Amarillo Home
Pamela Madore
Pink House Team
The Pamela Madore Group
Keller Williams Realty
http://myamarillohomes.com
806-340-7630
Owner Financing May Be A Viable Option When Buying Your Amarillo Home
There are a number of reasons why you might need owner financing.  Some of these include credit issues, recent bankruptcy or foreclosure, self employed and can show no income.
I get many questions about how this works so here are some answers.
Simply put, the seller acts just like a bank.  You have a down payment and then you make monthly payments to the seller.  Often the down payment and the interest are higher  than if you went to the bank.  The reason for this is that the seller is taking a bigger risk.  If you can't qualify at a bank then that means things aren't perfect.


Another thing to remember is that there aren't many houses available that the seller will finance.  It probably won't be your dream home but it will be a home that you can own instead of renting.
Most sellers don't qualify you.  They may want to look at your credit report but usually that is a formality.  There are some new owner financing guidelines that some sellers prefer to follow.  This ... more

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