What is an Installment Purchase?

By
Real Estate Broker/Owner with Dennis J. Zisa & Associates, Inc. License # 8836971

When you think of buying a home, many of us think that the only way to do that is by qualifying for a mortgage. Many families postpone their dream of home ownership, because they believe that without a perfect credit score or the full 20 percent down they would never be able to qualify. It's not often that we speak about alternative financing options for those who don't meet the qualifications for a mortgage. Installment Purchasing opens the door for many families who would have otherwise never been able to make such a large purchase.

So, what is an installment purchase?

An installment purchase, otherwise known as a "contract-for-deed", involves seller financing. Working with the seller instead of a bank gives the buyer a unique opportunity to show that he or she can afford the property in spite of past financial mistakes. Instead of qualifying through a bank and sending them payments, you will be making monthly installment payments towards the balance of the home to the seller. Once the balance is paid, the deed is transferred over to the buyer. All this can be done without the stringent qualifications of going through a bank.

We specialize in installment purchases, because we understand that the person you are today isn't neccessarily the person you were years ago. You may be trying hard to improve your credit and just need an opportunity to prove that you are more responsible than you were before. You are able to afford the property comfortably, but it takes time for your credit score to reflect your efforts. We understand second chances and so do the sellers and investors that we work with.

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Donald Norris 10/09/2018 12:18 PM
Topic:
Lending / Financial
Tags:
financing
home buying
purchasing
installment purchase
installment sale
mortgage
camden nj
camden real estate
camden nj real estate
new jersey
new jersey real estate

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Rainer
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Donald Norris
Donald Norris - Indian Harbor Beach, FL
Transaction Coordinator and Licensed Realtor

When they are set up properly, it is a great resource for those who do not qualify for traditional financing!

Oct 09, 2018 12:05 PM #1
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Rainmaker
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Dennis J. Zisa & Associates, Inc.

29 years in So. Jersey and the Greater Camden area
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