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Owner Finance Purchase

by Melody
(Springfield, MO)

My husband and I are looking at a property in Webster County Missouri. The property would be purchased in his name as a first time home buyer.

The owner is willing to finance the property with a $30,000 down payment. Are there any programs available that would help in this type of situation or would we have to get a mortgage through a bank? Thank you so much for your help.

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Owner Finance Purchase
by: Jeffrey

Hello Melody,

Thank you so much for stopping by my website and leaving your question.

Sadly I'm afraid you did not give me enough details to answer your question. However based on what I interrupt your question to be, I'll make a few statements.

You tell me you have an owner of a home that will offer you financing if you put down $30,000. This could be a good situation if you have the $30,000 and the interest rate they will charge is competitive to what mortgage lenders are charging.

But if I'm reading this correct, it may be the $30,000 down payment that is your challenge and that is what you want help with.

If that is the case, the answer would be no. I cannot think of a single lender that would loan people the down payment money and allow the seller to hold the 1st mortgage.

So the best thing for you to consider is to look for a first time home buyer loan and buy the house outright from the seller.

Here's a link for you: Grants for first time home buyers in Missouri.

I suggest you read this page over and follow the links to help you find programs in your state.

I hope you found this helpful, if you have further questions feel free to ask.

Regards,

Jeff

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