If you have had some credit trouble, such as previous late mortgage payments, then your only option for financing is likely a Contract for Deed. A seller offering a contract for deed is looking for a few things from most potential buyers:
1. Large down payment. Typically 10-20% of the sale price, however some sellers will be flexible.
2. Verification of income to afford the home by presenting paystubs and tax statements.
3. Often a seller will want a 3-5 year balloon payment to cash them out of the loan.
4. Interest rates will be higher then current conventional loan rates. Probably 5-7% depending on the seller.
As of today I see 25 MLS listings that offer contract for deed in Anoka County. Only 7 of them are under $200,000.
One of my featured listings is located at 3835 191st Ave, East Bethel for $189,900. Its a 5 BR, 2 BA home on 2/3 of an acre. Total updated through out! More info at the link.
For all the Anoka County Contract for Deed home listings contact me!