It’s frustrating, isn’t it? It’s worse than frustrating, in fact. When you have the income to buy a home, and you have a steady job and you currently pay your bills on time, it’s beyond frustrating to be told no by a mortgage company. In some way it is humiliating and it’s infuriating.
There are several reasons a mortgage company might not be willing to loan you the money to buy a home. Maybe you changed job recently. Maybe they think you have too much debt, even if you’re paying all your bills and your rent on time. Maybe they think your income isn’t sufficient to make the payments, or maybe you have some old credit problems that they think indicate you’re still a poor risk.
After the fast and loose mortgage underwriting shenanigans that collapsed the economy, mortgage lenders are more careful, in fact too careful. However, when you’re trying to buy a home, however, that “no” can close the curtains on your dream.
This doesn’t have to be the end, though. When there is a will and there is a way, if a traditional mortgage lender says no, for whatever reason, consider owner financing.
You might think that if a professional lender says you’re a bad risk, a real estate investor or property owner may willing to give you an opportunity to proof that you are less risk.
Fortunately, property owners have different criteria for deciding who they’ll accept for financing. The real estate investor doesn’t have to get an application past underwriting or convince a lending board that you’re a good candidate.
With owner financing, you can buy the property you want because you’re a solid bet. For example that you pay your bills on time, you have a steady job, you’re a reliable person, and you are a handyman, all of those things would be considered when you apply for your dream home.
Because we own the homes many times depend on your circumstances, we are willing to finance ourselves.. Visit www.bargainhomesnm.com join our VIP Buyer List or call (505) 831-0563 for more details how we can fulfill your needs.