Owner Funding
Owner funding is definitely an alternative that is attractive old-fashioned loan providers, and perhaps could be much easier to get. Needless to say, in this situation funding is totally kept to your discernment for the land owner, and that means you will have to be willing to negotiate a great deal. Nevertheless, when you have been refused by the bank or credit union, owner funding is the next option that is best.
In terms of purchasing land, there are two main fundamental types of owner funding – ‘contract for deed’ and ‘mortgage/trust deed’. Each has its advantages that are own drawbacks for both customer and vendor. Continue reading
