As you put your plan together for buying a house, you have a lot to think about. Financing is a major issue. And, of course, most of us think mortgage when we think of financing. In the past mortgages were fairly easy to obtain. Recently, however, lending institutions have become considerably more conservative. Many people may find the requirements for securing a mortgage so inflexible that they become discouraged—willing (too easily) to abandon their dream.
Rather than giving up, consider alternatives to a traditional mortgage. Certain forms of creative financing are really not uncommon. You may already be familiar with the terminology:
1) Seller Carryback Loan
2) Seller Second Mortgage
3) Lease-To-Own
4) Subject To Existing Financing
These forms of financing involve motivated sellers. They tend be short-term solutions that can put a buyer into position to get a traditional mortgage. I’ll discuss mortgages and these other financing methods in detail in later posts. Buying a house
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