The Easiest Home Loan On The Planet, Period

What banks or mortgage companies offer no income verification loans or stated income loans today

? The short answer is none. So where are these loans? Actually there are hundreds of thousands, if not millions of them. What Im talking about is owner financing and its amazingly easy to get.

So how do I know this? Because as a private mortgage buyer, I have a birds eye view of the owner-financed mortgages out in the market and many of the loans provided by home sellers (and businesses) in order to sell a home are mind-boggling. Just to name a few, zero interest on the loan, 3% interest, interest only loans, no credit check loans (pretty common), no income documentation mortgage loans and so on.

So how does someone wanting to buy a home find such loans? Actually, many are easy to find but others require a bit of work to find. The easy ones are either advertised as owner financing available in their ad or the real estate agents ad. For the others you can go about finding them either through the tax office or through a real estate agent. You are looking for homes for sale where there is no mortgage or only a small mortgage on the home. These are prime candidates for owner financing. Most real estate agents know if there is a mortgage on the property. For the tax office, you would need to search for properties that you know are for sale to see if they have a mortgage lien on them. You can estimate the mortgage balance by looking at the terms and initial loan date.

Lastly, your chances of getting a private seller financed loan will go up significantly if you have at least a 10% down payment. Actually, the higher your down payment the better the chances the seller will not want to see a copy of your credit report. And for those wanting to see your credit report, they may really not care if your credit is below what most traditional mortgage lenders require today. However, it might be a good idea to have a copy of your report just in case but if you have low scores; you might want to be prepared to explain what happened to cause them. Most home sellers will listen to a good story and may just ignore your credit completely.

So there you have it, a way to get a great home loan without all the hassles of traditional mortgages.

by: Ron Stone

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