Owning Your Dream Home Just Got Easier with Seller Financing!

In today's changing real estate world, seller financing is shaking up how people can become homeowners. It's making it easier and more flexible for folks to achieve the dream of owning a home. We'll dive into seller financing and how it's helping lots of people turn their homeownership dreams into reality.

Own it Now

My name is Jerome D. Westbrook real estate & mortgage note investor, licensed real estate agent & mortgage loan officer (NMLS# 2545328). Maybe you’ve tried to qualify for a loan to buy your next home, and you’ve been turned down at every bank. You have some money for a down payment and you have a steady job, but you’ve had some challenges keeping good credit. Maybe you have self-employment income that is difficult to document? Maybe you don’t have enough assets to provide a personal guarantee for the loan? You feel that paying straight rent is just throwing away your hard earned money, and you’re tired of your landlord raising your rent every chance he gets? And you don’t get any of the tax benefits of home ownership, because the government disallows those tax benefits for renters. If you could prove your worthiness to buy your next home, we may be able to help.

We work with what we in the owner finance industry call "Penalty Box Buyers" buyers with the following issues: (not limited to)

1. Credit Challenged Buyers: who may have experienced some late payments, collections or possibly bankruptcy, but who now are back on track and have a good current payment history.

2. Self Employed Buyers: who can't prove their income or have changed jobs recently also have a problem adhering to the strict lending guidelines. Mortgage lenders usually want to see two years on the job, plus two years of tax returns, checking account statements and other documentation. Buyers who work on commission also have a hard time getting conventional financing.

3. Individual Tax Identification Number (ITIN) Buyers: which are foreign buyers with no social security number and have a hard time obtaining conventional loans in any market. 

4. Real Estate Investors: who have reached the maximum limit of loans that they can get approved for with a traditional lending source. You will find that savvy investors who want to build up cash flow and equity gains will happily pay 10% on a property in order to secure a property that can become cash flow positive based on the market rent and existing mortgage payment.

Simplified Owner Financing Solutions 

For years, owner finance buyers have often been overlooked. These individuals are typically diligent, tax-paying Americans with steady incomes, who responsibly save for down payments. However, their access to bank loans is limited due to reasons such as a lack of credit knowledge, self-employment status, or absence of a social security number.

We believe that if you saved up at least 20%, have workable credit and have a solid income, you deserve a home.

Easy Qualification

• Must have at least 20% Down-payment

• 2 years of documented income history (Proof of income)

• Must fill out & sign a complete application & authorizations. (1003 Application/Dodd Frank/Safe Act)

• Must have manageable debt.

• Must have $1000.00 earnest money deposit.

• Must have the ability to make timely payments.

• No judgments or liens.

• Fixed expenses can't be over 50%

• Must be willing to work with the mortgage underwriter and processor.

• Some credit issues okay.

• Credit score of 580 and above.

• Must be willing to pay a higher interest rate.

Steps to Homeownership:

If you feel like you meet the requirements listed above, the next the step is to discuss your situation, such as your income, debt, assets, downpayment, needs and goals. We do this in a FREE no obligation phone consultation. If I feel we can help you, we move on to the next step.

Next, you will start to gather the required documents to qualify for owner financing and tell me what type of home you would like to purchase, then I will begin to search for your property type. Or you may search on your own for any house that is for sale or rent. Maybe you live in a property that the owner is willing to sell to you.

Once a property is found, I or my team member will see if we can negotiate a transaction with the property owner. If we can come to terms with the property owner, you will log on to the underwriter website and fill out the 1003 application and upload the required documents to see if we can approve you for the property found. If so, I will purchase the property from the owner and sell to you with owner financing terms. No Banks Involved. If all goes well, we will close at an attorney office who specialize in owner financing terms. You will get the deed, you will get the tax benefits, you will be the owner of the property. Being that I am a licensed mortgage loan officer (all 50 states) I will help you with refinancing options if you want to reduce your interest rate. (if you qualify) NMLS #2545328 *12 months of on time payments to refinance. (seasoning)

Traditional Financing

As we are working together, we may find that you prequalify for traditional financing, meaning a bank loan. This option may be beneficial for you to pursue instead of seller financing. I can assist you with that as well. I am a licensed MLO (Mortgage Loan Officer) for Capital Federal Credit Union (NMLS # 2288260). We offer the following loan programs: FHA, VA, Conventional, ARM, USDA, and Jumbo loans. If I determine that you are a better fit for one of these programs, I will take the 1003 loan application and proceed with the above-mentioned financing options.

Sign up below & take the next step in getting your dream home.

Get in touch

Jerome D. Westbrook
info@CreativeFinanceCompany.com
(413) 314-3125