We all know that it is so much more difficult today to get qualified for financing. I personally agree that stricter lending guidelines were needed but think what they are doing goes a little too far.
Anyway, with less buyers out there it is so much more important to offer them multiple avenues of financing. If the seller can offer owner financing , excellent.
But also don't forget about USDA financing. We have a couple of properties that are eligible for that type of financing. We added to all our marketing information about the house being eligible for USDA financing . We also added a sign in the front yard reading:
“Own this home
$800/months
$0 down
Call: 555-555-5555”
We got a bunch of calls of this sign! Now my question is: Why are not all agents in that area advertising USDA financing with their homes? It should give them just as much traffic!
In another instance, we have a tenant that is interested to purchase the property they are renting from us. This home is also eligible for USDA financing. They are currently paying $1,400 in rent. The GFE I got from my loan officer showed that if they were to purchase the home at $212,000 the PITI will run them a little less than $1,400/months and they will be getting in with $0 down.
So sellers, please make sure especially in the current market that you are educated on various financing option when it comes to selling your home.
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Iliane
Texas Capital Real Estate
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